SINGAPORE- Chicago soybean futures gained for six consecutive sessions, as Chinese purchases boosted hopes of a trade deal between Washington and Beijing, even as expectations of a record crop in Brazil capped gains.
Wheat slid for a second session as ample world supplies weighed on the market.
The most-active soybean contract on the Chicago Board Of Trade was up 0.2 percent at $8.99-1/4 a bushel by 0313 GMT, having firmed 0.9 percent on Monday when prices hit a Nov. 22 high of $9.04 a bushel.
Corn gained 0.1 percent to $3.76 a bushel, having closed down 0.3 percent in the previous session and wheat was down 0.1 percent at $5.22-1/2 a bushel, having closed down 0.3 percent on Monday.
“Soybeans are finding support on Chinese purchases although the buying is timid and who knows if it will last,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.
Houe added that expectations of a record crop in Brazil are likely to limit gains in soybean futures.
Chinese soy importers on Monday bought at least five bulk cargo shipments of US soybeans, or about 300,000 tons, for shipment in January and February after Beijing offered the buyers at least 1 million tons in new tariff waivers, US exporters said. – Reuters