Soybeans rose for a third day, reaching a three-month high, on speculation that China will increase purchases of U.S. supplies to make cooking oil for a growing population and livestock feed to produce pork.
Wheat rose to a seven-week high, extending this month’s rally, on signs that speculators are unwinding bets on lower prices by buying back futures contracts.
Soybeans topped $10 a bushel for the first time since January and corn gained on speculation that China will boost imports from the U.S., the world’s largest shipper of the crops.
Wheat rose for the fourth time in five sessions on speculation that U.S. crops will be harmed by adverse weather sometime during the growing season.
Wheat rose the most in two months on speculation that yesterday’s plunge in prices prompted investors to unwind bets that futures would decline.
Sugar futures fell for the third time in four sessions on forecasts that output will recover in India, the world’s top consumer and second-biggest producer. Orange juice rose to a three-week high.
Cane production in Indonesia may rise 10 percent after farmers increased planting and raised productivity, potentially helping Southeast Asia’s biggest sugar buyer to reduce imports.
Corn and wheat rebounded on speculation that yesterday’s price slumps were exaggerated. Soybeans also climbed.
Soybeans were little changed, heading for the biggest weekly jump in two months on speculation that China will increase purchases of U.S. soybean oil after curbing imports from Argentina in a trade dispute.
Wheat rose to a six-week high as some speculators reduced bets that prices would decline, after futures capped the biggest weekly rally in two months.