Soybeans Revive Amid Strong Demand; Corn Gains

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By Jesse Newman

CHICAGO--Soybean prices advanced Wednesday amid continued oilseed export demand and higher prices for soy products. Corn and wheat also closed higher.

Soybean prices climbed to a one-month high, bolstered by ongoing evidence of robust demand for U.S. supplies as well as an upswing in prices for soyoil and soybean meal. The U.S. Department of Agriculture said private exporters had booked 185,000 metric tons of soybeans for delivery to unknown destinations during the 2016-17 crop year, adding to optimism over foreign appetite for the U.S. crop, which is projected to be a record this year.

Soybean futures for November rose 9 cents, or 0.9%, to $9.81 1/2 a bushel at the Chicago Board of Trade, the highest closing price since Sept. 20.

The rise in the soybean market pulled corn higher, as did higher prices for crude oil, which tends to benefit corn and soybean prices since they can encourage domestic refiners to blend fuel additives such as corn-based ethanol and soybean-based biodiesel into the U.S. fuel supply, boosting demand for the crops.

Still, gains in the corn market were capped by the advancing U.S. harvest, which is benefiting from favorable Midwest weather this week. Although farmers are collecting the crop a bit more slowly than average pace this year, mostly clear skies and temperate conditions should allow growers to be about three-quarters finished with fieldwork by the end of next week, according to one analyst.

CBOT December corn futures gained 3 3/4 cents, or 1.1%, to $3.57 1/2 a bushel.

CBOT December wheat added 1/4 cent, or 0.1%, to $4.20 1/4 a bushel.

Write to Jesse Newman at

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