Soybeans Rallies to $9.68 on Demand for U.S. Supplies

Soybean futures rose for the third time this week as exports increased from U.S, the world’s biggest producer. Corn and wheat gained.

In the four weeks ended Sept. 25, soybean export sales averaged 21 percent higher than a year earlier, data from the U.S. Department of Agriculture showed today. Prices also rose on concern that cold weather will hurt crops. Freezing temperatures this weekend will reach the Midwest, including Illinois and Iowa, according to Chicago-based QT Weather.

“Export sales for soybeans are a little ahead of pace,” Rich Nelson, the chief strategist at Allendale Inc. in McHenry, Illinois, said in a telephone interview. The outlook for frost signals “there can be damage to some corn and soybean production,” he said.

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.