US soy futures rise on speculation demand to cut global inventories

Soy futures rose the most in a week on speculation that an end to the global recession will boost demand for the oilseed to make food and animal feed.

Economies will recover at various speeds, led by China and India, the Organization for Economic Cooperation and Development said. The Asian countries are the world's biggest consumers of vegetable oil made from soy.

Soy futures for May delivery gained 8.5 cents, or 0.9%, to US$9.445 a bushel on the CBOT, the biggest increase since March 29. The commodity has dropped 9.9% this year. On March 31, the price fell to US$9.305, the lowest level for a most-active contract since March 16.

Meanwhile, the crop in the US was valued at US$31.8 billion last year, second only to corn, government figures show. The US is the world's biggest soy exporter.