(Updates with closing prices, adds analyst quote)
By Mark Weinraub
CHICAGO Nov 28 U.S. soybean futures rose for
the seventh day in a row on Monday, led higher by strong export
demand gains in the soymeal market, traders said.
Chicago Board of Trade wheat and corn futures fell for the
third day in a row, pressured by poor export prospects and ample
supplies of the grains.
Soybeans reached their highest since July 19, during
the overnight trading session. The seven-session winning streak
is the longest for soybeans since March.
Chicago Board of Trade soybean futures for January delivery
closed up 10 cents at $10.56 a bushel, 9 cents below their
overnight top. Soymeal futures rose 1.5 percent.
Strong overseas demand for U.S. soybeans offered support to
futures. The U.S. Agriculture Department on Monday morning said
that weekly export inspections of soybeans totalled 2.091
million tonnes, near the high end of trade expectations.
CBOT December corn was off 3/4 cent at $3.48-1/2 a
"A weaker tone to exports appeared to seal the deal, ending
attempts to rebound," Farm Futures senior grain market analyst
Bryce Knorr said in a note to clients.
CBOT December soft red winter wheat dropped 6-1/2
cents to $3.89-1/2 a bushel. The December wheat contract fell to
its lowest since Aug. 31.
USDA said that weekly export inspections of wheat came in at
221,985 tonnes, down from 434,001 tonnes in the previous week
and below market forecasts that ranged from 325,000 to 525,000
Additionally, forecasts for showers in the U.S. Delta that
were expected to foster crop development in that region added to
the pressure on wheat.
Export inspections of corn also were a weaker-than-expected
(Additional reporting by Sybille de La Hamaide in Paris and
Naveen Thukral in Singapore; Editing by Andrea Ricci and Steve