SINGAPORE- Soybean and corn futures edged lower on Thursday as market participants took positions ahead of a key US supply-demand report amid forecasts of improved weather for crops in the Midwest.
Wheat rose, recouping some of the losses from the previous session on support from risks to supplies from Ukraine and Russia.
“US weather is looking good for crops and the market is waiting to see estimates from the US Department of Agriculture on corn and soybean yields,” said one Singapore-based trader.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.4 percent at $13.13-1/4 a bushel, and corn rose 0.3 percent to $4.95-3/4 a bushel.
Wheat climbed 1 percent to $6.41-1/4 a bushel.
Traders are adjusting positions before the US Department of Agriculture issues a monthly crop report on Friday. Analysts on average project the World Agricultural Supply and Demand Estimates (WASDE) will trim the forecast for US soybean and corn production.
