SINGAPORE- Chicago soybean futures rose for a third consecutive session on Thursday as strong demand from China and dry weather in Brazil underpinned the market.
Corn and wheat futures gained more ground.
“It is the same story that we have seen for the soybean market for around a month now that Chinese demand is driving prices higher,” said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney. “Things are not getting better in Brazil.”
The most-active soybean contract on the Chicago Board Of Trade (CBOT) was up 0.2 percent at $10.58-1/2 a bushel, after gaining 1.2 percent on Wednesday.
Corn added 0.1 percent at $3.97 a bushel, after rising 1.3 percent in the previous session, and wheat gained 0.5 percent at $5.99-1/2 a bushel, having closed up 0.5 percent on Wednesday.
The US Department of Agriculture (USDA) reported 264,000 tons of US soybean sales to China on Wednesday morning.
Rains in Brazil have been patchy, threatening the country’s soybean planting cycle, industry experts said. – Reuters