Amid continued demand for U.S. supplies, soybeans and grains were higher in overnight trading.
The U.S. Department of Agriculture said in a report on Thursday that 132 metric tons of soybeans is ready for delivery to an unnamed buyer in the 2021-2022 marketing year that started on September 1. That follows sales of 330,000 metric tons to China and 198,000 tons to an unknown country that were announced on Wednesday.
The USDA also said an unknown destination purchased 161,544 metric tons and that Mexico bought 165,000 metric tons from U.S. supplies.
Corn sales also were robust this week. The agency’s weekly report is usually released on Thursdays but has to be shifted to the next day due to Columbus Day.
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In the overnight trading, soybean oil was also rising as the price of palm oil, a rival cooking oil continues to rise. Due to the possibility of weaker global exports this year, Malaysian palm oil prices were higher overnight.
On the Chicago Board of Trade, soybean futures for November delivery were up overnight 9¢ to $12.15¼a bushel. Soymeal rose $3.50 to $317.60 a short ton, while soy oil gained 0.56¢ to 61¢ a pound.
Corn futures for December delivery gained 6¼¢ to $5.23 a bushel. Wheat futures for December delivery added 9½¢ to $7.34¼ a bushel, while Kansas City futures rose 11½¢ to $7.42½ a bushel.
