By Jae Hur
Feb. 25 (Bloomberg) -- Soybean and soybean oil prices in Chicago surged on speculation that global demand for food, animal feed and biofuels will exceed production this year. Corn also reached its highest ever, and wheat surged.
Soybean futures jumped 87 percent in the past year as U.S. inventories headed to a four-year low, according to a U.S. government forecast. The rally was also underpinned by speculation China may increase vegetable oil imports to curb food inflation, India may cut import duties on vegetable oils and Indonesia may raise export tariffs on palm oil.
``Chicago soybeans were up because of the forecast that U.S. stockpiles will not increase enough,'' said Toshimitsu Kawanabe, an analyst at futures broker Taiheiyo Bussan in Tokyo. Concern that Indonesia may further increase export duties on palm oil lent support, he said.
Soybeans for May delivery rose as much as 23.5 cents, or 1.6 percent, to $14.6175 a bushel in after-hours electronic trading on the Chicago exchange, and stood at $14.6025 at 12:32 p.m. Singapore time.
Soybean oil for May delivery added 1.18 cents, or 1.9 percent, to 64.20 cents a pound in Chicago. Soybeans and soybean oil on China's Dalian Commodity Exchange and palm oil on the Malaysia Derivatives Exchange also reached records.
Rising demand for soybeans will limit the gain in U.S. stockpiles of the oilseed to 169 million bushels as of Aug. 31, 2009, even as output jumps 14 percent, the Department of Agriculture said Feb. 22.
China, India
Chinese inflation accelerated in January to the quickest pace in 11 years after the worst snowstorms in decades disrupted food supplies. China is the world's top vegetable oil importer.
India, the world's second-biggest buyer of vegetable oils, may cut import duties on cooking fat or increase purchases on global markets. ``Both are options,'' Federal Food Secretary T. Nanda Kumar said Feb. 5. ``Improving supplies and reducing prices is the main concern for the government.''
Indonesia, the world's top palm oil producer, announced higher export taxes on crude palm oil, setting a maximum rate of 25 percent if the price exceeds $1,300 a metric ton. It will impose a 20 percent tax on the oil exports if the price rises to $1,200 a ton, Bayu Krisnamurthi, deputy to the coordinating minister for economic affairs, said Feb. 4.
Corn futures for May delivery advanced 1.3 percent to $5.4175 a bushel, and traded at $5.405 at 12:40 p.m. Singapore time. Corn is up 23 percent in the past year on record demand for grain to produce ethanol and feed livestock.
South Korea bought 275,000 tons of corn for feed production at a tender on Feb. 22.
Wheat for May delivery gained as much as 41 cents, or 3.9 percent, to $11.055 a bushel, breaching $11 for the first time since Feb. 11 when the most-active contract reached a record $11.53. It last traded at $10.9275 a bushel. The price has more than doubled in the past year.
Global inventories are expected to fall 12 percent to 109.7 million tons in the year ending May 31, the lowest since 1978, the USDA said on Feb. 8. Reserves are forecast to decline 47 percent from a record 208.5 million in 2000.
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