SINGAPORE- Chicago soybean futures rose for a third consecutive session on Wednesday with signs of strong export demand for US cargoes supporting prices, even as South American harvest peaked.
Wheat gained ground as expectations of a prolonged Russia-Ukraine conflict heightened concerns over global supplies.
“We are in for a long war between Russia and Ukraine, which we did not expect,” said one Singapore-based trader. “The war will continue to impact supplies from the Black Sea region.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.3 percent at $17.01-1/4 a bushel. Wheat rose 0.2 percent to $11.20-3/4 a bushel, while corn Cv1 lost 0.2 percent to $7.51-1/4 a bushel.
Private exporters reported the sale of 240,000 tons of soybeans to unknown destinations for delivery in the 2021/22 marketing year, the US Department of Agriculture said.
Slowing exports from the Black Sea region continued to support grain and oilseed prices. – Reuters
