SINGAPORE- Chicago soybean prices firmed nearly 1 percent on Wednesday, trading close to their highest levels in two months, as adverse weather conditions in top exporter Brazil and strong Chinese demand underpinned the market.
Wheat edged higher, recouping some of previous session’s losses, although prices remained under pressure from improved US crop conditions.
“Brazilian soybean planting program is running bit behind schedule due to erratic weather,” said one Singapore-based trader. “At this stage, we are not too worried as there is still time.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.8 percent at $13.73-1/4 a bushel, not far from previous session’s highest since Sept. 6 at $13.80 a bushel.
Wheat gained 0.6 percent at $5.73-1/2 a bushel and corn edged 0.2 percent higher to $4.69-1/4 a bushel.
Brazil, the world’s top soybean supplier, saw torrential downpours in southern areas while arid conditions persisted to the north.