SINGAPORE- Chicago soybeans inched higher on Tuesday, with bargain-buying supporting prices, although the upside in prices was limited by expectations of an all-time high crop in top exporter Brazil.
Wheat and corn edged higher to recoup losses from the previous session.
The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.2 percent to $9.87-1/2 a bushel after closing down in the previous session.
Wheat rose 0.8 percent to $5.51-1/2 a bushel and corn gained 0.2 percent at $4.33-1/2 a bushel.
Benevolent weather and use of quality farm inputs such as seeds, fertilizers and chemicals will help Brazilian soybean growers reap an enormous crop in the 2024/25 season, according to agribusiness consultancies Celeres and StoneX on Monday. The country’s output is likely to reach 170.8 million metric tons, almost 1 million tons more than in a previous forecast, Celeres said. StoneX said Brazil will reap 166.2 million tons this season.
