SINGAPORE- Chicago soybean futures rose for a fifth consecutive session on Monday to their highest since July 10 on strong demand, even as expectations of crop-friendly weather and ample world supplies capped gains.
Corn lost ground as weakness in oil prices raised demand concerns for the grain-based fuel ethanol.
“There is a bit of support in the soybean market on the back of Chinese demand but we are sceptical about China being a large scale buyer of US agriculture products,” said Phin Ziebell, agribusiness economist at National Australia Bank in Melbourne.
“For corn, there is pressure due to oil demand destruction.”
The most-active soybean contract on the Chicago Board Of Trade was up 0.4 percent at $8.98-3/4 a bushel, after climbing to its highest since July 10 to $8.99 a bushel earlier in the session.
Corn fell 0.3 percent to $3.38-3/4 a bushel and wheat slipped 0.2 percent to $5.33-3/4 a bushel. — Reuters