July 2, 2008


US soy closing on US$16 a bushel
   
  

Soy rose to a record after the biggest quarterly gain in 20 years on fears that recent Midwest flooding have cut US production.

 

Soy for November delivery, the most active contract, rose 0.9 percent to US$15.88 a bushel in after-hours trading on the CBOT and traded at $15.705 as of midday in London. Prices have risen 82 percent in the past year.

 

This year's soy plantings were down from a March forecast of 74.793 million acres, based on a survey of farmers' intentions, the USDA said.

 

However, planted acreage is up 17 percent from last year.

 

The percentage of planted acreage expected to be harvested dropped however, to 96.8 percent from the earlier 98.7 percent after an early survey of flood damage by the USDA.

 

About 58 percent of the soy were in good or excellent condition as of June 29, compared with 57 percent a week earlier and 68 percent a year earlier, the USDA said in a separate report after the close of trading.

Video >

Follow Us

FacebookTwitterLinkedIn