US grain and oilseed futures rose more than 1 percent on Wednesday, lifted by investment fund buying and expectations for increased export demand as harvests neared completion, traders and analysts said. Chicago Board of Trade soyabean futures climbed to a two-month high. Soyameal futures surged more than 3 percent for their largest daily gains since June as traders unwound soyameal-soyaoil spreads.
The harvest of a record-large US soyabean crop was three-quarters finished, and farmer sales of fresh supplies was expected to slow soon, R.J. O'Brien analyst Rich Feltes said. "Once the crop is off the land ... everything is going to be tough to buy," Feltes said, suggesting farmers will stow away unsold supplies in the hopes of selling later at higher prices. Weekly US grain and soya export data was due early on Thursday and many traders expected lofty sales of soyabeans, with estimates as high as 2.5 million tonnes. Sales of corn could top 1.2 million tonnes and wheat 550,000 tonnes, according to analysts polled by Reuters.
CBOT November soyabean futures settled 19-1/4 cents higher at $10.10 per bushel, highest since August 24. CBOT December corn finished 4-3/4 cents higher at $3.54 per bushel and CBOT December wheat up 7-1/4 cents to $4.11-1/2 per bushel. The dollar eased from Tuesday's nine-month high against a basket of currencies, making US goods comparatively cheaper in some international markets.
Gains in wheat came after top global buyer Egypt on Tuesday made its biggest purchase in more than a year. The large GASC purchase raises hopes that Egypt's wheat imports are normalising after massive disruption in recent months from conflicting rules on levels of the ergot fungus in imports. This could help to soak up large global wheat supplies.