CANBERRA- Chicago soybean futures rose on Monday and were near Friday’s five-week high, helped by the US Department of Agriculture (USDA) cutting its estimate of US soy production and a rally in oilseed and vegetable oil prices.
Corn futures dipped after hitting their highest since June on Friday, when the USDA downgraded the US crop.
Wheat also fell after growing conditions in the United States, the Black Sea region and Europe improved.
The most-active soybean contract on the Chicago Board of Trade was up 0.8 percent at $10.38-1/4 a bushel after touching $10.44 on Friday.
CBOT corn which rose as high as $4.35 on Friday, slipped 0.2 percent to $4.30-1/4 a bushel, while wheat fell 1.3 percent to $5.65-1/4 a bushel.
US farmers grew less soybeans and corn this year than previously expected after a dry spell hurt crops, the USDA said on Friday.
However, supplies remain hefty, with growers estimated to have produced their second-biggest soy harvest and third-largest corn harvest ever.
