CANBERRA- Chicago soybean futures inched up on Thursday but remained close to two-year lows as traders bet the market would continue to be well-stocked despite concerns over a potentially smaller harvest in top producer Brazil.
Corn futures also rose slightly, hovering just above their lowest in three years, while wheat fell towards a seven-week low.
Rainfall in South America has boosted the outlook for soybean and corn supplies, while the wheat market continues to be flooded with inexpensive Black Sea grain.
The most-active soybean contract on the Chicago Board of Trade (CBOT) edged up 0.2 percent to $12.07-3/4 bushel after falling to $12.03 last Friday, marking its lowest since November 2021.
“There are some concerns for the Brazilian crop, but any losses seem like they will be recouped by a rebounding Argentinian crop,” said Andrew Whitelaw, an analyst with Episode 3 in Canberra.
“The trade is largely expecting soybeans to be well supplied,” he said.
Some private forecasts for Brazil’s soybean harvest are sharply lower than official estimates, with EarthDaily Agro predicting a 2023/24 crop of 149.2 million metric tons.
