Global Grain and Oilseed Markets

According to traders, base rates for soybeans and corn delivered by barges to terminals on the U.S. Gulf Coast strengthened on Friday, reflecting rising barge transportation costs and slow grain sales by farmers. Analysts report that soybean futures on the Chicago Commodity Exchange rose for the third session in a row on Friday and reached a two-week high, supported by high futures contract prices for soybean oil. Soybean oil futures on the Chicago Commodity Exchange reached record levels for the second consecutive day amid expectations of high demand in the U.S. due to government orders to include renewable fuels in the country's fuel balance. According to U.S. government estimates, next year American biofuel producers will consume more than half of all soybean oil produced in the United States. Traders also monitored weather conditions in the U.S. amid concerns that temperatures could become unfavorably high for crops. August is a key month in terms of weather's impact on the ...