Soybeans rose the most in six months Monday on signs that U.S. supplies are tightening amid higher demand from producers of livestock feed and overseas buyers.
Inventories on Dec. 1 fell 17 percent from a year earlier to 1.966 billion bushels, the lowest in nine years, the U.S. Department of Agriculture said Jan. 11. Exporters sold 120,000 tons to China, the world’s biggest consumer, the USDA said today. The agency increased its forecast for U.S. meat and poultry output by 1.4 percent last week from a December projection.
On the Chicago Board of Trade, soybean futures for March delivery jumped 3.3 percent to $14.18 a bushel, the biggest gain for a most-active contract since July 5.
Corn futures for March delivery advanced 2.2 percent to $7.24 a bushel after touching $7.2675, the highest since Dec. 17.
Wheat futures for March delivery climbed 1.6 percent to $7.67 a bushel.
LIVESTOCK
Hog futures climbed to a six-week high on signs that demand for U.S. pork is increasing.
On the Chicago Mercantile Exchange, hog futures for April settlement rose 0.8 percent to 87.85 cents a pound after reaching 87.975, the highest since Nov. 29.
Cattle futures for April delivery climbed 0.1 percent to $1.3475 a pound.
Feeder-cattle futures for March settlement slipped less than 0.1 percent to $1.51425 a pound.
CRUDE OIL
Crude oil rose to the highest in almost four months as service began on the expanded Seaway pipeline to the Gulf Coast from Cushing, Oklahoma.
On the New York Mercantile Exchange, oil futures for February delivery gained 0.6 percent to $94.14 a barrel, the highest settlement since Sept. 18.
Brent oil for February settlement increased 1.1 percent to $111.88 a barrel on the London-based ICE Futures Europe exchange.
BP Plc failed to sell a cargo of Forties blend for loading next month at an unchanged price from its offer on Jan. 11. Total SA bid for the grade without success at 10 cents less than BP’s offer.
Daily exports of the 12 main grades of North Sea crude for loading in February will increase 13 percent to the most in eight months, according to loading programs obtained by Bloomberg News.
OIL PRODUCTS
Heating oil rose the most since November on speculation that cold weather in the U.S. will boost demand for the fuel and that higher gasoil prices in Europe will attract distillate shipments.
On the Nymex, heating-oil futures for February delivery jumped 1.8 percent to $3.0625 a gallon, the biggest gain since Nov. 19.
Gasoline futures increased 0.5 percent to $2.7541 a gallon.
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