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Soybeans Rise on Record Use for Feed, Cooking Oil; Corn Falls

Published on 15 March, 2010, Last updated at 03:36 GMT
 
Soybeans Rise on Record Use for Feed, Cooking Oil; Corn Falls

Soybeans rose after an industry report showed increased demand from U.S. makers of animal feed and vegetable oil. Corn fell for an eighth session, the longest slump since 2005, on slowing demand for U.S. grain.

Processors including Bunge Ltd. used 148.4 million bushels of soybeans during February, up 15 percent from a year earlier and the most ever for the month, the National Oilseed Processors Association said today in a report. Domestic consumption and exports from September through February were a record 2.089 billion bushels, according to Prudential Bache Commodities LLC.

"Demand continues to be impressive," said Anne Frick, a vice president for research at Prudential Bache in New York. "Tightening U.S. supplies is a positive factor."

Soybean futures for May delivery gained 4.5 cents, or 0.5 percent, to $9.30 a bushel on the Chicago Board of Trade, after earlier touching $9.2175, the lowest level since Feb. 9. Most- active futures fell 1.8 percent last week, the second straight weekly decline.

Corn futures for May delivery fell 1 cent, or 0.3 percent, to $3.6325 a bushel in Chicago. The most-active contract on March 11 touched $3.615, the lowest price since Feb. 9. The last time the commodity declined for eight straight sessions was in September 2005.

Corn prices slipped today as the stronger dollar reduced the allure of commodities and the cost of imports from Argentina and Brazil, the two biggest exporters after the U.S.

 

 
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