Soybeans on rose to the highest settlement price this month as investors sees demand for U.S. inventories will persist, reducing stockpiles already expected to fall to the lowest in a decade.
U.S. exporters sold 164.4k mt of soybeans for delivery in the current marketing year that ends on Aug. 31, up from 73.6k a week earlier/above expectations. Ending Inventories this current marketing year on Aug. 31 will total 130 mil mt, the lowest level in 10 years. 120k mt bean also sold for 14-15 marketing year.
Wheat futures fell lowest in six weeks on speculation that rain that fell in southern Great Plains will improve soil moisture for winter crops in critical growth stages. As much as 0.75 inch fell in parts of Colorado, southern Nebraska and northern Kansas in the past 24 hours. Showers that will bring as much as 1.5 inches of precipitation are expected through Saturday. The storm will move east, bringing rain Sunday and Monday to central, south-central and southeastern parts of the southern Plains.
The price also may be falling on signs of slack demand for U.S. inventories. Exporters sold 142.2 k mt in the week through May 15. While that's up from the prior week, it's down 39% from the prior 4-week average. U.S. prices are too high to compete for business from major importers such as Egypt, the world's biggest buyer of the grain.