BEIJING — Chicago soybean futures eased as traders booked profits on Wednesday following a three-day price rally driven by strength in soyoil and the broader energy market, though weak demand continued to limit gains.
Corn rose on uncertainty around US Midwest crop weather, while wheat also edged higher.
The most-active soybean contract Sv1 dipped 0.21 percent to $10.72 per bushel.
Corn rose 0.17 percent to $4.32 a bushel, while wheat climbed 0.73 percent to $5.53 a bushel.
Gains in the energy market, driven by tensions between Israel and Iran, have lent support to agricultural commodities like soybeans and corn. Higher crude oil prices enhance the appeal of soyoil and corn as biofuel feedstocks.
Market participants are closely watching developments in US biofuel policy. A tax bill proposed by Senate Republicans on Monday would extend a clean fuel tax credit through 2031, but reduce 20 percent of the credit value for biofuels made from feedstocks produced outside the United States.
In top producer Brazil, soy exports are forecast to reach 14.37 million tons in June, up from 14.08 million tons in the previous week, according to Anec, a Brazilian trade group representing grain exporters.
Wheat futures found some support after the US Department of Agriculture reported that the winter wheat harvest was 10 percent complete, lagging the five-year average of 16 percent.
Uncertainty about US crop conditions bolstered new crop corn futures, analysts said, as traders await clearer weather forecasts.
