SINGAPORE- Chicago soybean futures rose for the first time in four sessions on Tuesday, with bargain-buying supporting prices, although abundant supplies from the freshly harvest US crop are likely to curb gains.
Corn prices dipped, while wheat edged higher.
“Large global supplies of soybeans, US harvest and improved weather conditions in Brazil for planting next year’s crop are going to limit the upside in prices,” said one trader in Singapore.
The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.2 percent to $9.87-3/4 a bushel, wheat gained 0.2 percent at $5.59-3/4 a bushel, while corn lost 0.1 percent to $4.10-1/2 a bushel.
US farmers have been harvesting the record-large 2024 soybean crop and the near-record corn crop at the fastest pace in over a decade, the US Department of Agriculture’s weekly crop progress report showed on Monday.
The USDA pegged the soybean harvest at 89 percent complete, as of Sunday, slightly below analysts’ expectations of 91 percent, while the corn harvest is 81 percent finished, above analysts’ expectations of 80 percent.
