SINGAPORE- Chicago soybean futures rose on Wednesday, supported by traders unwinding short positions, although a rapidly advancing harvest bumper crop in Brazil curbed gains.
Wheat fell for the first time in three sessions, while corn lost ground.
The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.1 percent to $11.87 a bushel, as of 0323 GMT.
Wheat fell 0.4 percent to $5.50-1/2 a bushel and corn slid 0.2 percent to $4.38-1/2 a bushel.
Short covering is supporting the soybean market ahead of the US March 28 Prospective Plantings and quarterly stocks reports, which have a history of jolting markets.
Overall, strong crop prospects in South America are limiting the upside potential in prices.
Brazil’s soybean harvest reached 63 percent of the planted area as of last Thursday, agribusiness consultancy AgRural said on Monday, up 8 percentage points from the previous week and just ahead of the 62 percent a year earlier.
Russian attacks on Ukrainian agriculture infrastructure over the weekend revived worries about disruption to massive grain exports through the Black Sea. Huge supplies of cheap Russian wheat continue to hang over the market.