July 30 (Bloomberg) -- Soybeans surged the most nine months
and corn gained after a government report signaled strong demand
for cheap supplies from the U.S., the world’s largest producer
and exporter of both crops.
U.S. exporters sold 1.92 million metric tons of soybeans to
China, with 1.8 million set for delivery in the marketing year
that begins Sept. 1, the U.S. Department of Agriculture said
today in a statement. In a separate report, the USDA said export
sales of soybeans jumped 36 percent in the week ended July 23 to
954,543 metric tons. Corn sales in the past four weeks are up 55
percent from a year earlier, the USDA said.
“The export sales were strong for both corn and soybeans,
but Chinese business means soybeans will lead,” said Doug
Bergman, a grain broker for Advantage Traders Group in Chicago.
“Soybean export sales will severely tighten U.S. supplies,”
which the USDA estimates will fall to a 32-year low on Aug. 31,
Bergman said.
