July 21, 2010

US soy futures rise on higher demands

Soy rose for the first time in three sessions on increased overseas demand for supplies from the US, the world's biggest exporter.

US shippers sold 115,000 tonnes to China for delivery in the marketing year that starts on September 1, the USDA said. Exports for the current year to all destinations will reach 39.7 million tonnes, up 17% from the previous year. The price has risen 4.6% in the past month.

Meanwhile, soy futures for November delivery rose 1 cent, or 0.1%, to US$9.73 a bushel on the CBOT, after dropping as much as 1%. The most-active contract has gained 5.4% in the past year.

Soy is the second-biggest US crop, with a 2009 value of US$31.8 billion, behind corn at US$48.6 billion, government figures show. The US is also the world's largest producer of the oilseed.