April 21 (Bloomberg) -- Soybeans topped $10 a bushel for the first time since January and corn gained on speculation that China will boost imports from the U.S., the world’s largest shipper of the crops.
U.S. exporters sold 174,000 metric tons of soybeans to China, the Department of Agriculture said today. Yesterday, the agency reported a sale of 232,000 tons. Chinese government data showed that oilseed purchases rose 8.7 percent in the first quarter, and corn imports were 12 times higher than a year earlier.
“Some people are looking for much larger soybean imports from China this year,” said Roy Huckabay, the executive vice president at the Linn Group in Chicago. Demand is rising for feed grains after drought damaged the corn crop last year and wet, cold weather slowed planting progress this month, he said.
Soybean futures for July delivery climbed 12 cents, or 1.2 percent, to $10.06 a bushel on the Chicago Board of Trade. Earlier, the price reached $10.155, the highest level for a most-active contract since Jan. 11. The oilseed has dropped 4.1 percent this year on USDA estimates for record global stockpiles.
Corn futures for July delivery rose 3.75 cents, or 1 percent, to $3.69 a bushel, the seventh gain in eight sessions. The price has dropped 11 percent this year on forecasts for combined production to rise 13 percent in Brazil and Argentina, the biggest exporters behind the U.S.
China Prices
Grain prices in China, the second-largest corn consumer and top soybean importer, may rise by more than 5 percent this year, the China Securities Journal said today, citing a report by the Chinese Academy of Social Sciences.
“The world’s transition to supplies from South America has been delayed by farmers’ unwillingness to sell” newly harvested crops, said Greg Grow, the director of agribusiness at Archer Financial Services in Chicago. “Demand for U.S. exports has been sustained longer than expected this year.”
Corn is the top U.S. crop, valued at $48.6 billion in 2009, followed by soybeans at $31.8 billion, government data show.
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