US soyabean futures rose on Thursday as signs of growing export demand threatened to cut into an already thin supply base, traders said. Wheat and corn futures also firmed, with bargain hunters and technical buyers stepping into the market. Soyabeans, on track for their third straight day of gains, showed the most strength.
"Export sales for this crop year continue to point to a tighter ending stocks situation," brokerage INTL FCStone said in a note to clients. The US Department of Agriculture said on Thursday morning that old-crop export sales totalled 416,700 tonnes in the latest week, above the range of forecasts for 100,000 to 200,000 tonnes. Chicago Board of Trade August soyabean futures were up 8-3/4 cents at $9.91-3/4 a bushel.
Uncertainty about weather in the US Midwest during the next month lent additional support to soyabeans. "The weather premium is coming out of corn, but for soyabeans August is the critical month, so a weather premium can't be taken out just yet," said one agricultural commodities analyst. CBOT September corn was 3-3/4 cents higher at $3.71-1/2 a bushel and CBOT September wheat was 2-3/4 cents higher at $4.99 a bushel. Gains in wheat were kept in check by an ample global supply base that was cutting into demand for US exports.