CHICAGO- Chicago soybean futures climbed more than 1 percent on Tuesday on concerns that scorching weather conditions in South America were taking a toll on crops, while the market also drew support from a fresh round of private sales by US exporters.
Chicago Board of Trade (CBOT) wheat also rose more than 2 percent , recovering from contract lows on Monday while corn declined on burdensome supplies.
CBOT January soybeans jumped 16-3/4 cents to close at $13.46-1/2 per bushel. Soybeans were supported by drought conditions in Brazil that are threatening crops as a recent bout of rains has not diminished ongoing concerns over the hot and arid weather in key growing areas.
“For soybeans, it may be oversold a little bit and weather-related (with) uncertainty in the northern areas of Brazil and Argentina,” said Bill Lapp of Advanced Economic Solutions. – Reuters
