US soyabean and soyameal futures jumped to three-week highs on Thursday on worries about tighter supplies and on strong export demand, while corn futures dropped as traders shrugged off planting delays due to rain. Soyabeans extended recent gains on ideas export loading delays in Brazil could steer more global demand to the United States, where supplies are projected to shrink to a nine-year low ahead of the autumn harvest.
Weekly US soyabean export sales were 566,800 tonnes for the week ended April 11, within traders' expectations, according to the US Department of Agriculture. Chicago Board of Trade May soyabeans traded up 0.5 percent to $14.29 by 12:55 pm CDT (1755 GMT). Poor weather and logistical problems have delayed shipments from Brazil, which is in the middle of exporting an expected record soya harvest.
Separately, the USDA on Thursday said exporters struck deals to sell 252,000 tonnes of US soyabeans to China for delivery in the next marketing year, which begins September 1. Weekly soyameal export sales of 315,200 tonnes were toward the high end of traders' estimates for 50,000 to 425,000 tonnes. May soyameal gained 1.1 percent to $411.90 per short ton. May wheat dipped 0.9 percent to $6.97-1/4 a bushel, and May corn lost 2.4 percent to 6.45-1/4 a bushel.