U.S. soybeans and wheat futures rose January 13, with a pickup in export demand supporting both commodities, Reuters reported.
Corn futures also closed higher, feeding off the strength of soybeans and wheat, but gains were kept in check by profit-taking after a 5 percent rally on January 10.
Wheat rebounded from a four-session losing streak that pushed prices to three-and-a-half-year lows after a long-awaited US Agriculture Department (USDA) report on January 10 that said that domestic and global supplies were bigger than expected.
The pullback in prices last week sparked a snap tender from Egypt, the world’s top buyer of the grain. Egypt made its first purchase of US wheat of the 2013-14 marketing year during the weekend and provided a peg for wheat futures’ firm open.
“We’ve found a good fundamental support factor for wheat,” one European trader said. The USDA said on January 13 that U.S. export inspections for soybeans were 59.381 million bushels, beating forecasts for 45 million to 50 million. The agency also said private exporters reported the sale of 154 tons of U.S. soybeans to unknown destinations.