Confidence about the U.S. slashing inventories prompted soybean futures to climb in value on Wednesday as wheat and corn futures also pushed higher during the midweek trade session, according to Bloomberg.
Export sales of soybeans for season begun September 1 climbed 24 percent from one year prior, which pulled down reserves of the legume. The U.S. Department of Agriculture is slated to release data about the domestic and international supplies of soybeans.
"Investors are positioning ahead of the release of the USDA report," analyst Vanessa Tan with Phillip Futures Pte in Singapore told the news source on Wednesday. "We have been seeing strong export demand which is the main reason for the tightening of supply for both U.S. corn and soybeans."
At 8:44 a.m. on Wednesday, soybean futures climbed 0.81 percent, a 12-cent lift to $14.945 per bushel. Wheat futures rose 0.77 percent, a 0.0525-cent rise to $6.8625 per bushel. Corn futures edged up 0.15 percent, a 0.0075-cent rise to $5.0775 per bushel.
Reuters reports China is increasingly buying U.S. soybeans. The Asian nation is the world's biggest importer of the legume.
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