By Luzi Ann Javier
Jan. 25 (Bloomberg) -- Corn rose in Chicago on speculation that a two-week drop is attracting investors and importers after a jump in export sales from the U.S., the world’s biggest shipper of the grain.
U.S. exporters sold 1.61 million metric tons of corn in the week ended Jan. 14, almost five times the 327,286 tons destined for overseas buyers a week earlier, the U.S. Department of Agriculture said in a report released on Jan. 22.
“Corn demand has started to improve, with the USDA indicating big export sales,” Luke Mathews, an agricultural commodity strategist at Commonwealth Bank of Australia in Sydney, said in a report published today.
Corn for March delivery climbed 1 percent to the session high of $3.685 a bushel on the Chicago Board of Trade at 11:43 a.m. Paris time. Prices slid 14 percent in the prior two weeks.
March-delivery soybeans added 0.3 percent to $9.545 a bushel. U.S. export sales of the oilseed jumped to 990,563 tons from 754,144 tons a week earlier, the USDA said.
“Oilseed demand continues to support” soybean prices, Mathews said.
Still, soybeans will fall as much as 6.2 percent in the next three months on record South American harvests and as U.S. farmers begin planting increased acreage in April, Rich Nelson, director of research for commodity research advisory firm Allendale Inc., said at a conference on Jan. 23.
Wheat for March delivery rose 0.6 percent to $5.015 a bushel. Milling wheat for March delivery traded on Liffe in Paris climbed 0.6 percent to 127.25 euros ($180.21) a ton.
To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net.
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