April 2, 2014

After inventories in the US fell to the lowest level in a decade, the country's soy prices climbed to the highest in more than nine months.

The soy contract for May delivery advanced as much as 1.2% to US$544 per tonne on the Chicago Board of Trade, the highest for a most-active contract since June 6. Prices climbed 13% last quarter, the most since the first three months of 2012.

Stockpiles in the US dropped to 27.005 million tonnes as of March 1, the lowest for that date since 2004 and compared with 27.16 million a year earlier, the USDA said. Supplies stored on farms were 10.4 million tonnes, compared with 12.4 million a year earlier, according to the USDA. Soys held in commercial grain bins were 16.7 million tonnes versus 14.7 million, it said.

US farmers intend to boost soy plantings to a record 81.493 million acres from 76.533 million a year earlier, the USDA said. Traders surveyed by Bloomberg estimated 81.162 million acres, on average.

Corn added as much as 0.5% to US$198.50 per tonne, the highest level for a most-active contract since August 27, before trading at US$198.40.

Wheat for May delivery fell as much as 0.3% to US$255.60 per tonne and was at US$256.