Soybeans up on strong demand

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    SINGAPORE- Chicago soybean futures ticked higher for a second session on Tuesday, with strong demand underpinning prices, although gains were capped on rapidly progressing US harvest.

    Wheat slid after two sessions of gains, while corn rose.

    “US yields are coming in very high and there is harvest pressure,” said Terry Reilly, senior analyst with Futures International in Chicago.

    The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.5 percent to $10.26-1/4 a bushel. Wheat lost 0.5 percent to $5.81-1/2 a bushel, while corn added 0.1 percent to $3.79-3/4 a bushel.

    The US Department of Agriculture (USDA) said on Monday weekly export inspections of soybeans totaled 1.667 million tons, topping market forecasts that ranged from 1.05 million to 1.55 million tons.

    China, by far the world’s biggest soybean importer, has been actively buying US beans.

    US soybean harvest was 38 percent complete as of Sunday, the USDA said in a weekly crop progress report on Monday, ahead of the fiveyear average of 28 percent and the average estimate in a Reuters analyst poll of 36 percent.

    The US corn crop was 25 percent harvested, the USDA said, just ahead of the five-year average of 24 percent but behind the average analyst estimate of 26 percent.

    The wheat has been supported in the last two sessions by concerns over dryness in key exporting nations.