SINGAPORE- Chicago soybeans gained more ground on Wednesday, underpinned by a heightened global demand for the oilseed led by top importer China, although a rapidly advancing US harvest capped gains.
Wheat slid, paring some of last session’s gains, while corn firmed.
“China has stepped up soybean imports from the US, which is providing some upside to prices,” said one grains trader in Singapore.
“The wheat market is pretty quiet as far as buying is concerned. Planting weather is improving in the US and Russia.”
The Chicago Board of Trade’s most-active soybean contract rose 0.1 percent to $9.92-1/2 a bushel, corn added 0.1 percent to $4.16-3/4 a bushel, while Wheat fell 0.7 percent to $5.72 a bushel.
A strong demand for US soybeans and corn is supporting prices as farmers gather one of the biggest crops in history.
US corn and soybean sales on Monday and an additional corn sale early on Tuesday suggested buying interest, after corn and soybean futures hit multi-week lows last week.
