SINGAPORE- Chicago corn futures ticked higher on Tuesday with the market rising from a two-month low touched in the previous session, while soybeans recovered from their lowest in nearly seven weeks as a slow pace of US harvest underpinned prices.
Gains in both markets were limited by renewed doubts over a US-China trade deal.
The most-active corn contract on the Chicago Board Of Trade (CBOT) was up 0.2 percent at $3.68-1/2 a bushel, after dropping to its lowest since Sept. 18 at $3.67-1/2 a bushel on Monday.
Soybeans were up 0.2 percent at $9.12-1/4 a bushel. In the previous session, soybean futures dropped to an Oct. 4 low of $9.10 a bushel.
The US Department of Agriculture (USDA) said the US corn harvest was 76 percent complete, while the soybean harvest was pegged at 91 percent. The five-year average pace of corn harvest stands at 92 percent and soybeans at 95 percent.
Doubts over a US-China trade deal kept a lid on prices.
A CNBC report cited that the mood in Beijing was pessimistic about a trade deal due to US President Donald Trump’s reluctance to roll back tariffs, dampening sentiment among global investors.
“Most participants have given up watching that deal as it is on and then off again,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney. – Reuters