SINGAPORE- Chicago soybeans and corn futures ticked higher on Thursday, after both markets came under pressure in the previous session from beneficial rains and milder weather in the US Midwest.
Wheat rose for a third consecutive session, although cheap Black Sea supplies are likely to curb gains.
“The outlook for soybean prices remains bearish despite some weather related issues in the Midwest,” a Singapore-based trader said. “For wheat, we have cheaper cargoes coming from the Black Sea region, but overall global supplies are still tight.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.3 percent to $9.79-3/4 a bushel, and corn added 0.2 percent to $3.91-1/2 a bushel.
Wheat gained 0.1 percent at $5.42-1/4 a bushel.
Market players have raised concerns that recent hot, dry weather in the US Midwest will dent expectations of bumper US corn and soy crops.
Worries over the heat wave in the Midwest have underpinned prices in the past few sessions because of potential damage to the soybean crop during its key development stage.
However, rainfall has reduced dryness in many areas, though uncertainty remains over whether it will be enough to help the soybean crop reach its potential.
