U.S. soybean futures jumped Thursday due to strong export sales and short-covering by investors. Wheat closed lower, while corn was mixed.
Soybean prices rose, climbing off a more than two-month low following a report by the U.S. Department of Agriculture that showed net soybean sales last week totaled 601,000 metric tons for delivery in the 2015-16 and 2016-17 seasons, which came in at the high end of analysts’ expectations.
Soybean futures for March rose 11 1/4 cents, or 1.3%, to $8.73 1/2 a bushel at the Chicago Board of Trade. Prices for the oilseeds fell to the lowest settlement price since Nov. 20 on Wednesday.
Wheat prices fell as short-covering in that market tapered off. Prices for the grain had risen earlier in the day as investors exited bets on lower prices, but massive domestic and world stockpiles plus sluggish demand for U.S. supplies ultimately weighed on the market.
CBOT March wheat shed 3 cents, or 0.7%, to $4.58 1/4 a bushel.
Corn prices were mixed, with nearby futures contracts unchanged while later-dated contracts slipped due to disappointing export sales and falling prices for crude oil.
CBOT March corn were flat. May-dated futures shed 1/4 cent, or 0.1%, to $3.65 a bushel.
(Source – http://www.nasdaq.com/article/us-soybeans-rise-on-export-sales-corn-mixed-20160211-01098#ixzz3zwmNsgdH)