By Jae Hur
Feb. 15 (Bloomberg) -- Soybean and soybean oil futures in Chicago surged to a record on speculation demand from China will climb after winter storms damaged the nation's rapeseed crop.
China is the world's biggest importer of soybeans and vegetable oil. Almost half the autumn and winter rapeseed crop was affected by rain and snow, the China National Grain & Oils Information Center said yesterday. Rapeseed, like soybeans, is crushed into meal for livestock feed and oil for cooking.
``The rapeseed crop damage by severe winter storms in China was a key factor to push up the market,'' said Takaki Shigemoto, an analyst at Tokyo-based commodity broker Okachi & Co.
Soybeans for May delivery rose as much as 12.5 cents, or 0.9 percent, to $13.98 a bushel in after-hours electronic trading on the Chicago exchange, and stood at $13.9525 at 11:23 a.m. in Singapore. Soybeans have surged in the past year after U.S. farmers planted the smallest soybean acreage in 12 years to sow the most corn since 1944.
Prices have also been supported by rain delaying harvesting in Brazil and concern that record high spring wheat prices may encourage U.S. farmers to plan more grain at the cost of soybean acreage, Shigemoto said.
Soybean oil for May delivery rose as much as 0.45 cent, or 0.8 percent, to 59.31 cents a pound in Chicago and last traded at 59.26 cents. Soybean and soybean oil futures in Dalian jumped to records today.
Wheat Gains
Futures for soft-red winter wheat traded in Chicago advanced for a second day as importers rushed for supplies. Prices for the spring crop in Minneapolis reached a record.
Wheat for May delivery in Chicago, the most-widely held contract, rose as much as 17 cents, or 1.6 percent, to $10.58 a bushel and stood at $10.4550 at 11:24 a.m. in Singapore. On Feb. 11, March wheat touched $11.53 a bushel, a record for the most active contract.
South Korea is seeking 23,300 metric tons of U.S. wheat today and Iraq indicated it may buy at least 50,000 tons from global stockpiles. These plans came a day after Japan bought 190,000 tons of wheat, including 115,000 tons from the U.S., and Egypt bought 235,000 tons, including 115,000 tons from the U.S.
Wheat for May delivery on the Minneapolis Grain Exchange gained as much as 4 percent to a record $15.8575 a bushel. The most-active contract has tripled in the past year after drought damaged last year's spring crop in the Northern Plains and Canada, leaving a shortage of the high-protein grain. The less-actively traded March contract reached $19.83 a bushel, the highest ever for any contract.
Corn for March delivery rose as much as 3.25 cents, or 0.6 percent, to $5.1425 a bushel and traded at $5.1275 at 11:24 a.m. in Singapore. Corn, which reached a record $5.2875 on Feb. 6, gained 22 percent in the past year on record demand to produce ethanol and feed livestock.
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