SINGAPORE- Chicago soybeans rose for a third consecutive session on Wednesday, climbing to a one-week high as a widely-watched US government report due later in the day is expected to reduce its production and supply estimates.
Wheat edged higher, holding on to last session’s strong gains with attention turning to Black Sea supply risks after a drone strike on Ukraine’s Odesa port.
“The market is expecting lower soybean production and supply forecasts from the US Department of Agriculture (USDA) because of dryness and lower planting,” said one agricultural commodities analyst.
“But the weather has improved over the last couple of weeks which has reduced the impact of drought.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 1.1 percent to $13.75-1/2 a bushel, after climbing to its highest since July 5 at $13.76 a bushel earlier in the session.
Corn added 0.8 percent to $5.05-1/4 a bushel and wheat gained 0.2 percent to $6.61-3/4 a bushel.
