Wheat, soybeans climb on speculation Japan will boost imports

Wheat and soybean futures jumped in trading on Monday, fueled by speculation that Japan would soon increase its purchases of the commodities following the earthquake and subsequent tsunami that devastated the island nation on Friday. Wheat and soybean futures jumped in trading on Monday, fueled by speculation that Japan would soon increase its purchases of the commodities following the earthquake and subsequent tsunami that devastated the island nation on Friday. 

In Japan, engineers are trying to cool reactor No. 2 at the Fukushima Daiichi Nuclear Power Station, which is about 150 miles north of Toyko, as they work to prevent a meltdown at the facility; elsewhere, rescue teams picked through debris from fallen buildings, cars and homes as they searched for thousands of missing people. In Minamisanriku, officials believe over 10,000 people were killed in the massive wave that pummeled the coastal town.In Japan, engineers are trying to cool reactor No. 2 at the Fukushima Daiichi Nuclear Power Station, which is about 150 miles north of Toyko, as they work to prevent a meltdown at the facility; elsewhere, rescue teams picked through debris from fallen buildings, cars and homes as they searched for thousands of missing people. In Minamisanriku, officials believe over 10,000 people were killed in the massive wave that pummeled the coastal town.

Japan will have to buy grains and other food stocks abroad after some of its growing regions were destroyed in flooding from the tsunami, said Summit Commodity Brokerage partner Tomm Pfitzenmaier. "Japan is going to need more food, more meat and probably more grains eventually, if some of theirs got wiped out," he told Bloomberg.Japan will have to buy grains and other food stocks abroad after some of its growing regions were destroyed in flooding from the tsunami, said Summit Commodity Brokerage partner Tomm Pfitzenmaier. "Japan is going to need more food, more meat and probably more grains eventually, if some of theirs got wiped out," he told Bloomberg.

On the Chicago Board of Trade on Monday, wheat futures for May delivery climbed 0.3 percent, or 2 cents, to close at $7.2075 per bushel; soybean futures for May delivery rose 0.4 percent, or 5.5 cents, to close at $13.40 per bushel.On the Chicago Board of Trade on Monday, wheat futures for May delivery climbed 0.3 percent, or 2 cents, to close at $7.2075 per bushel; soybean futures for May delivery rose 0.4 percent, or 5.5 cents, to close at $13.40 per bushel.