US soy futures rebound on rising export sales

Soy futures rose for a fourth time in five sessions on signs of rising demand for US supplies, including from China, the biggest consumer of the oilseed.

Exporters reported sales of 263,300 tonnes for delivery before August 31, or 24% above the average of the previous four weeks, the USDA said. Included in the sale was 76,700 tonnes to China, which also purchased an additional 176,500 tonnes for delivery after the start of this year's harvest on September 1.

Soy futures for July delivery rose 3.25 cents, or 0.3%, to US$9.6875 a bushel at 10:28 a.m. on the Chicago Board of Trade. Last week, the commodity fell 3.9%, the most since late January.

The soy crop in the US, the world's largest grower and exporter, was valued at US$31.8 billion last year, second only to corn at US$48.6 billion, government figures show.