Corn rose to a 14-month high and soybeans gained for a second straight day on signs of increased demand for U.S. supplies, after drought reduced crops in Russia and parts of Europe and flooding cut acreage in Canada.
U.S. exporters sold 120,000 metric tons of soybeans to China and 180,000 tons of corn to unknown destinations for delivery after Sept. 1, the Department of Agriculture said. Sales of corn in the two weeks ended Aug. 19, for delivery in the new marketing year, were 3.987 million tons, the biggest two-week total since at least 1990. Accumulated soybean sales rose to 14.7 million for delivery after Sept. 1, the most ever before the start of a new season.
“The demand for corn and soybeans has been extremely good the last two weeks,” said Bill Biedermann, a senior vice president for Allendale Inc. in McHenry, Illinois. Importers who held off on purchases expecting prices to fall as the U.S. harvest began “have not covered their needs,” Biedermann said.
Dryness Stunts Crops
Hot, dry weather during the past month in the Midwest and South is reducing the yield potential of the two biggest U.S. crops, said Dan Basse, the president of AgResource Co. in Chicago.
Some fields from South Dakota to Mississippi to Michigan have received last than 25 percent of the normal rainfall since Aug. 1, data from the High Plains Regional Climate Center show. Temperatures averaged as much as 6 degrees Fahrenheit above normal in the Midwest in the past month. LINK
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