CANBERRA- Chicago soybean futures edged higher on Tuesday after falling in the previous session on lower-than-expected US crushing data, but the prospect of a bumper South American production kept prices near four-year lows.
Corn futures rose, with traders expecting supply to tighten, while wheat fell despite a massive Saudi purchase lifting prices in Europe.
The most-active soybean contract on the Chicago Board of Trade (CBOT) had risen 0.2 percent to $9.83-1/2 a bushel, not far from August’s four-year-low of $9.55.
The US soybean crush declined in November from an all-time high in October and fell short of most trade estimates, National Oilseed Processors Association data showed.
However, it was still the largest November crush on record, up 2.2 percent from 2023, and the fourth-largest ever for any month.
Favorable South American crop conditions and a lack of weather threats pressured prices.
In Brazil, the world’s biggest soybean producer and exporter, 2024-25 planting is complete, consultants AgRural said, predicting a production of 171.5 million metric tons.
