SINGAPORE- Chicago soybean futures rose on Tuesday to trade near their highest in more than two years, with Chinese demand and concerns over US production supporting prices.
Corn prices eased after climbing for the last three sessions, while wheat rose for a second day.
“Chinese buying is driving up the entire agriculture complex higher,” said one Singapore-based trader. “China is building its food reserves and there is overall recovery in demand.”
The most-active soybean contract on the Chicago Board of Trade added 0.4 percent to $10.03 a bushel, having hit its highest since June 2018 at $10.09 a bushel on Monday.
Corn slid 0.3 percent to $3.68-1/2 a bushel, while wheat rose 0.1 percent to $5.46-1/4 a bushel.
The US Department of Agriculture (USDA) on Monday confirmed fresh sales of US soybeans and corn to China.
Chinese buyers booked their biggest deal for US corn since Sept. 1, the agency said, after focusing their attention on US soybeans since the start of the month.
Condition ratings for the US corn and soybean crops declined during last week while the corn harvest began in the heart of the Midwest.