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Soybean futures rise on US supply concerns

Por Tom Polansek

CHICAGO, Apr 5 (Reuters) – Soybean futures on the Chicago Stock Exchange soared Monday on concerns about strong export demand and smaller-than-expected plantations.

* The market returned to focus on supply concerns after being closed on Friday for Holy Friday.

* The US Department of Agriculture surprised operators last week by reporting that US farmers plan to plant 91.1 million acres with corn this spring and 87.6 million acres with soybeans. Both estimates were well below analysts’ expectations of 93.2 million acres of corn and 89.996 million acres of soybeans.

* “The focus of the market will be on attracting US farmers to plant more acres of soybeans and the need to produce near record crops,” said Tomm Pfitzenmaier, analyst at Summit Commodity Brokerage.

* The most active soybean contract rose 15 cents to $ 14.17 a bushel in Chicago at 1640 GMT.

* The most active corn futures fell 6.75 cents to $ 5.53 a bushel, after reaching their highest price since June 2013 at $ 5.85 a bushel on Thursday. The most active wheat rose 8.5 cents to $ 6.195.

* USDA is due to release a monthly update on agricultural supplies and demand on Friday.

* On Monday afternoon, the USDA is scheduled to begin issuing a separate weekly report showing the progress of the corn and soybean plantings.

(Reporting by Tom Polansek in Chicago. Additional information by Naveen Thukral in Singapore. Edited in Spanish by Rodrigo Charme)

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