SINGAPORE- Chicago soybeans gained more ground on Tuesday, rising almost 1 percent as the market was supported by short-covering and expectations of lower output in Brazil, although ample world supplies kept a lid on prices.
Corn rose to its highest in almost two weeks, while wheat gained for a second straight session.
“There is some support and buying at these levels,” one Singapore-based grains trader said. “US has a lot of sell and there is stiff competition from South America for soybeans and corn, so we don’t see a big upside in prices.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.92 percent to $11.55-3/4 a bushel. Corn rose 0.1 percent to $4.22 a bushel and wheat gained 0.4 percent at $5.77-1/4 a bushel.
Corn touched its highest since Feb. 15 at $4.24 a bushel earlier on Tuesday.
Agricultural markets, including soybeans, corn and wheat, are being underpinned by bargain-buying and covering of shorts, after suffering losses since the beginning of the year amid plentiful supplies. – Reuters
