Wheat Advances as Egypt Purchases From U.S.; Corn, Soybeans Gain

Wheat Advances as Egypt Purchases From U.S.; Corn, Soybeans Gain

Wheat rose after Egypt bought from
U.S. inventories and corn gained on a Department of Agriculture
report that showed overseas sales jumped last week. Soybeans
also rose.
Egypt bought 180,000 metric tons of U.S. wheat at a tender
yesterday, said Nomani Nomani, vice chairman of the General
Authority for Supply Commodities. That added to the 55,000 tons
bought from the U.S. on Feb. 11. U.S. corn sales in the week
through Feb. 9 totaled 1 million tons, up 41 percent from the
prior week, USDA data show.
“The weekly U.S. export figures published yesterday by the
U.S. Department of Agriculture are also providing tailwind” for
prices, said Carsten Fritsch, an analyst at Commerzbank AG in
Frankfurt, in a report today. “The brightening of sentiment on
the financial markets is also giving buoyancy to prices of
grains and oilseeds.”
Wheat for May delivery gained 1.3 percent to $6.435 a
bushel by 1:35 p.m. London time on the Chicago Board of Trade,
taking gains for the most-active contract to 2.1 percent this
week. Milling wheat for May delivery gained 1.2 percent to
208.50 euros ($274.76) a ton on NYSE Liffe in Paris.
Corn for May delivery climbed 0.8 percent to $6.4475 a
bushel in Chicago, taking gains for the most-active contract to
2.1 percent this week.
Soybeans for May-delivery rose 0.9 percent to $12.765 a
bushel. The most-active contract is set for a 3.9 percent gain
this week, the biggest since the five days ended Oct. 14.
Argentina’s soybean harvest may reach 43.5 million tons to
45 million tons, the Agriculture Ministry said yesterday. That
compares with a 48 million-ton forecast by the U.S. Department
of Agriculture on Feb. 9.
“Recent developments in the soybean market have so far
buttressed” the bullish view on the oilseed in 2012, Abah Ofon,
an analyst Standard Chartered Plc, said in an e-mail.