SINGAPORE- Chicago corn and soybean futures climbed on Tuesday, with both markets clawing back from previous session’s nearly two-week low, supported by a slower-than-expected pace of the US harvest.
Wheat prices gained more than 1 percent and were set to snap a two-session losing streak.
“Agricultural markets have faced pressure in the last few sessions due to concerns over global recession,” said a Singapore-based trader. “But we have a slight strength today as the US harvest is slow.”
The Chicago Board of Trade (CBOT) most-active corn contract was up 0.2 percent at $6.67-3/4 a bushel, and soybeans added 0.3 percent to $14.15-1/2 a bushel.
Wheat gained 1 percent at $8.66-1/2 a bushel.
The US Department of Agriculture said corn harvest was 12 percent complete, as of Sunday, behind the average analyst estimate of 13 percent and the five-year average of 14 percent.
The soybean harvest was 8 percent complete, lagging the average analyst estimate of 11 percent and the five-year average of 13 percent, the agency reported after the market closed on Monday. – Reuters
