US soyabean futures jumped on Wednesday for a second consecutive day on export business and stronger-than-expected crushing demand. The rebound came after technical selling and concerns about tight supplies easing drove prices to a 4 -1/2 month low on Monday, but the decline created new demand.
The US Department of Agriculture on Wednesday said that private exporters struck deals to sell 120,000 tonnes of US soyabeans to China, the world's top importer of the oilseed. Exporters also sold 40,000 tonnes of US soyabean oil to unknown destinations, according to the USDA.
Separately, the US National Oilseed Processors Association, or NOPA, said 153.536 million bushels of soyabeans were crushed in October, more than the 147.713 million that analysts had expected. Most active January soyabeans rose 1 percent to $14.21-1/2 a bushel at the Chicago Board of Trade by 9:45 am CST. December corn slipped 0.2 percent to $7.21-1/2, and December wheat dipped 0.2 percent to $8.49-1-4 a bushel.
Wheat prices weakened despite concerns about dryness hurting the US winter wheat crop. The USDA, in a report issued on Tuesday, said the crop was rated 36 percent good to excellent as of November 9, down from 39 percent a week earlier. A year ago, the crop was rated 50 percent good to excellent.