Investing.com

Investing.com - U.S. soybean prices rallied to the highest level in more than a week on Wednesday, amid indications of robust demand for U.S. supplies.



On the Chicago Mercantile Exchange, soybeans futures for May delivery rose to a session high of $14.4150 a bushel, the most since March 10.



Soybeans last traded at $14.3413 a bushel during U.S. morning hours, up 1.12%, or 15.93 cents. The May soybean contract rallied 1.9%, or 26.4 cents, on Tuesday to settle at $14.1820 a bushel.



The National Oilseed Processors Association said on Monday its U.S. members crushed 141.612 million bushels of soybeans in February, above market expectations for 140.9 million bushels.



Elsewhere on the CBOT, wheat for May delivery hit a daily high of $6.9538 a bushel, before turning lower to last trade at $6.8950 a bushel, down 0.39%, or 2.7 cents.



The May wheat contract jumped 2.67%, or 18 cents, on Tuesday to settle at $6.9240 a bushel as mounting concerns over the health of the U.S. winter-wheat crop provided support.



The U.S. Department of Agriculture said Monday that that approximately 34% of the Kansas wheat crop was rated in good to excellent condition, down from 37% a week earlier, as dry and cold temperatures damaged crops. Kansas is the largest wheat producing state in the U.S.



During the past two weeks, wheat futures have risen nearly 14%, their biggest two-week rally since July 2012.



Meanwhile, corn futures for May delivery shed 0.3%, or 1.5 cents, to trade at $4.8488 a bushel. The May corn contract picked up 1.51%, or 7.2 cents, on Tuesday to settle at $4.8620 a bushel.



Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.



Please LIKE our Facebook page - it makes us stronger