SINGAPORE- Chicago soybean futures rose on Monday, gaining for three out of four sessions, boosted by expectations of strong demand led by top buyer China.
Corn edged close to a seven-and-ahalf-year high, while wheat rose for a second session.
“Chinese demand is the big story in grains and oilseeds which has been supporting prices,” said Phin Ziebell, agribusiness economist at National Australia Bank in Melbourne.
“There are no major worries about supplies, so the upside from current levels is limited.”
The most-active soybean contract on the Chicago Board Of Trade (CBOT) rose 0.4 percent to $13.71-1/2 a bushel, after closing down 0.4 percent in the previous session.
Corn gained 0.4 percent at $5.50-1/2 a bushel. The market hit a June 2013 high of $5.58 a bushel last week.
Wheat gained 0.6 percent at $6.45- 1/4 a bushel, after ending higher by a similar amount on Friday.
Expected record Chinese imports of corn and soybeans in the coming seasons will continue to absorb US supplies and keep prices on an upward trend, Chicago-based consultancy AgResource Co said.