Soybeans Rise on Signs Demand Remains Robust After Record High

Soybeans rose in Chicago for the first time this week on signs demand has yet to slow even after the worst U.S. drought in a half century lifted prices to a record last month. Corn and wheat gained.

U.S. processors crushed 137.4 million bushels of soybeans in July, up 2.4 percent from June, the National Oilseed Processors Association said yesterday. The amount of soybeans inspected for export surged 22 percent in the week ended Aug. 9, government data show. The oilseed is up 34 percent this year as dry weather left U.S. crops in the worst shape since 1988, after drought slashed supplies in South America last season.

“We maintain a bullish outlook for soybeans,” Australia & New Zealand Banking Group Ltd. analysts including Paul Deane wrote today in an e-mailed report. “The market needs to ration a record amount of supply before the next South American crop.”

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- Posted: 2012-08-15 15:10:15

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