Sunday, 18 December 2016

CORN, SOYABEANS, CLOSE HIGHER AS INVESTORS FOCUS ON DEMAND.

Corn and soybean futures closed higher on Friday as investors focus on strong demand for U.S. inventories.
Exporters sold more than 1.5 million metric tons of corn and 2 million metric tons of soybeans in the week that ended December 8, the Department of Agriculture said in a report on Thursday. Since the start of the marketing year on September 1, sales of corn are up almost 80% year-over-year, and soybean sales have gained almost 30%, the USDA said.
Overseas buyers have been snapping up U.S. supplies due to low prices amid a glut of both crops. Growers this year harvested a record 15.2 billion bushels of corn and 4.36 billion bushels, according to the government.
Corn futures for March delivery rose ¾¢ to $3.57¼ a bushel on the Chicago Board of Trade.
Soybean futures for January delivery added 7¾¢ to $10.36¾ a bushel. Soy meal added $2.60 to $316.60 a short ton, and soy oil gained 0.05¢ to 36.79¢ a pound.
Wheat futures rebounded, turning higher late in the afternoon after being down much of the session. Chicago wheat added 1¾¢ to $4.11 a bushel. Kansas City futures for March delivery added 2¾¢ to $4.15½ a bushel.  BY successful farming staff.

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