CANBERRA- Chicago soybean futures inched up on Wednesday but weare stuck below last week’s five-month high after data showed that bean processing had slowed in the US and the crop agency of top exporter Brazil raised its harvest forecast.
Wheat futures rose as traders weighed the effect of adverse weather on crops in Russia, the biggest shipper of the grain, and corn also gained.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.2 percent at $12.17 a bushel, with CBOT wheat 0.8 percent higher at $6.78 a bushel and corn up 0.4 percent to $4.69-1/4 a bushel.
Plentiful supply pushed all three contracts to their lowest levels since 2020 earlier this year but prices have recovered some ground due to adverse weather and a leafhopper insect plague in Argentina’s corn fields.
Soybeans are up around 8 percent from this year’s lows, with corn up around 16 percent and wheat up nearly 30 percent.
