Soybeans rose for a fourth straight day after a U.S. government report showed export demand for the oilseed and its products increased last week.
Sugar rebounded from a seven-month low on speculation that managers of hedge funds and index funds slowed sales after reducing their net-long positions, or bets prices would rise, to the lowest level of the year.
Corn rose for a second day after the National Oceanic Atmospheric and Administration said the U.S., the world’s largest exporter of the crop, faces potential “historic flooding” in the coming weeks.
Wheat climbed the most in almost two weeks as the declining dollar makes grain from the U.S., the world’s biggest shipper, more attractive to overseas buyers and as a hedge against inflation.
Wheat futures may jump 8 percent by the end of March if a declining dollar drives the grain past a key level, according to Derek Lewis, a ClearTrade Commodities trader in Chicago.
Russia’s sea ports handled 77.4 million metric tons of cargo in January-February, an increase of 7.9% compared with January-February 2009, according to figures released Monday by the national association of sea ports.
Soybeans rose after an industry report showed increased demand from U.S. makers of animal feed and vegetable oil. Corn fell for an eighth session, the longest slump since 2005, on slowing demand for U.S. grain.
Wheat fell on speculation that a stronger dollar will curb demand for U.S. supplies as favorable weather improves the outlook for the winter crop in Kansas, the country’s largest grower.
There are plenty of bearish signs for international wheat prices and little that’s bullish, yet prices are still susceptible to a short-term bounce, according to an analysis issued Friday by Commonwealth Bank of Australia (CBA.AU).
Wheat rose for the first time in four days on speculation that a slumping dollar will revive demand for grain from the U.S., the world’s largest exporter.