SINGAPORE- Chicago soybean futures gained more ground on Tuesday, with the market climbing to its highest level in almost one week on the back of short-covering, although rising global supplies kept a lid on prices.
Wheat dropped to its weakest level in three months on pressure from abundant Black Sea supplies, while corn rose for the first time in four sessions.
“There is some short-covering in the market today but overall prices are depressed due to large South American supplies,” said Dennis Voznesenski, associate director for agricultural economics at Commonwealth Bank of Australia in Sydney.
“On top of that there are improved planting prospects in the US versus 2023 for the 2024 season.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 1 percent at $11.84-1/4 a bushel, the highest since Feb. 14. Wheat slid 0.3 percent to $5.57-1/4 a bushel, after dropping earlier in the session to $5.55 a bushel, the lowest since Nov. 16.
Corn added 0.5 percent to $4.18-3/4 a bushel.
Large speculators increased their net short position in CBOT corn futures in the week ended Feb. 13, regulatory data released on Friday showed.