SINGAPORE- Chicago soybean futures rose for a second straight session on Tuesday after data showed US export inspections beat market expectations, although concerns about the spread of a new coronavirus in China capped gains.
Wheat prices slid, falling for seven out of eight sessions, while corn edged higher.
The most-active soybean contract on the Chicago Board Of Trade was up 0.4 percent at $8.80-1/2 a bushel by 0327 GMT, having firmed 0.5 percent on Monday after prices earlier hit the Dec. 3 low of $8.69 a bushel.
The US Department of Agriculture on Monday reported export inspections of US soybeans in the latest week at 1.36 million tons, topping a range of trade expectations for 550,000 to 1.20 million tons.
The USDA on Monday also confirmed private sales of 130,000 tons of US soybeans to Egypt.
However, the coronavirus epidemic that has sparked worries about demand from the world’s top soybeans importer, China, continued to weigh on prices. The total number of virus deaths in China reached 425 as of Monday.
“Soybeans are up but the market direction really depends on the virus,” said a trader at an international company which has soybean processing facilities in China. – Reuters
