July 13, 2010
US soy futures rise on higher exports
Soy futures rose for the third consecutive session, erasing an earlier decline, after a government report showed a surge in US exports last week.
The USDA inspected 6.515 million bushels for export in the week ended July 8, more than double a week earlier. US inventories on August 31 will be 175 million bushels, 5.4% less than June's projection, the USDA said last week. On July 9, the average cash price rose 1% to the highest level since January, exchange data show.
Soy futures for November delivery advanced 2.75 cents, or 0.3%, to US$9.56 a bushel at 12:05 p.m. on the CBOT, after dropping as much as 0.9%. The most- active contract rose 5.2% last week, the most since the week ended November 20.
The August futures contract, on which most spot-market cash bids are based, jumped 11.5 cents, or 1.2%, to US$10.0475 after rising as high as US$10.0675, the most for the contract since April 27.
The soy crop in the US, the world's largest grower, was valued at US$31.8 billion last year, second only to corn at US$48.6 billion, government figures show.
