Soybeans gain as cold weather threatens Canada’s canola crop

Soybeans advanced for a second day on concern that freezing weather in parts of northeast China and the Canadian prairies will hurt oilseed crops, threatening global supplies. Soybeans for November delivery added 0.2 per cent to $10.365 a bushel on the Chicago Board of Trade at 10:24 am Singapore time, erasing a loss of 0.3 per cent. Cold weather may affect soybean growing areas in northeast China early next week, hurting immature crops, while canola crops in the Canadian Prairies are at risk of damage from freezing weather forecast to hit the area later this week or next weekend, Telvent DTN Inc said in a report yesterday.

December-delivery corn was unchanged at $4.835 a bushel in Chicago, after swinging between gains and losses. The grain yesterday advanced as much as 1.7 per cent to the highest price since October 2008 on concern that expanding global demand will shrink supplies in the US, the world’s largest exporter. Corn for export inspected at US ports fell 8.3 per cent to 36.3 million bushels in the week to September 9, from a week earlier, while soybeans declined 52 per cent to 6.97 million bushels, the USDA said yesterday.