Soy firms, wheat falls

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SINGAPORE- Chicago soybeans firmed on Thursday, with the market trading close to last session’s two-month high, as strong Chinese demand and Brazilian planting delays supported prices.

Wheat fell, giving up some of the previous session’s gains, while corn eased.

“There is improved demand for US beans, which is supporting prices at these levels,” said one Singapore-based trader at an international trading company that sells beans to China.

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The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.2 percent  to $13.67-3/4 a bushel, and not far from its highest since Sept. 6 of $13.84-1/2 a bushel reached on Wednesday.

Wheat gave up 1.1 percent  to $5.86 a bushel and corn dipped 0.3 percent  to $4.74-1/2 a bushel.

Chinese importers bought at least five more US soybean cargoes on Wednesday in a second day of active buying after booking their largest purchases in months a day earlier.

The purchases, containing some 300,000 metric tons of the oilseed, were for shipment from the US Gulf Coast and Pacific Northwest ports between December and March, they added.

Chicago soybean futures slumped to a 22-month low in October on US harvest pressure and weak export demand. But futures have been trending upward as erratic weather has caused problems in the world’s No. 1 exporter Brazil and demand for US cargoes underpinning the market.

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