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Supply & Demand Drive Soybeans & Wheat Up

July 12, 2010 at 20:01 by Vladimir Vyun

Soybeans gained for the third straight session, erasing the previous losses, after the report showed that U.S. exports rosed in the previous week. In the week ended July 8 the U.S. Department of Agriculture inspected 6.515 million bushels intended for export, more than double compared to the week before. U.S. stockpiles estimated to total 175 million bushels on August 31st, 5.4 percent less than forecast in June. November futures for soybean delivery added $0.0275 (0.3 percent) to $9.56 per bushel as of 12:05 on CBoT.

Wheat gained, erasing the previous declines, on forecast that drought in Russia would curb global supply. Dry weather in Russia, the fourth largest grower in the world, harmed more than half the grain planted in 11 regions. The drought, which is to be worst in a decade, may persist for the rest of July. September futures for wheat delivery gained $0.0075 (0.1 percent) to $5.3875 per bushel by 12:13 on CBoT.

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