SINGAPORE- Chicago soybean futures inched higher on Thursday, underpinned by worries about supply from top producer Argentina due to dry weather conditions.
Corn inched higher for a second consecutive session, while wheat was largely unchanged.
The most-active soybean contract on the Chicago Board of Trade (CBOT) gained 0.6 percent to $15.29-3/4 a bushel.
Wheat was largely unchanged at $7.59-3/4 a bushel and corn inched 0.1 percent higher to $6.81-3/4 a bushel.
Hot and dry weather is expected for another week in Argentina, but the second week is likely to see heavy rainfalls in many areas, which could relieve stress on crops, commodities research firm Hightower said in a note.
Recent rains in Argentina have not been substantial enough to alleviate concerns over drought-induced crop stress.
Argentina’s revenue from exports of grain, oilseeds and their derivatives plummeted 61 percent in January from a year ago, exporters and crushers chamber said on Wednesday.
Brokerage StoneX raised its forecast for the Brazilian soy crop to a record-high of 154.2 million tons from 153.79 million tons last month.
