SINGAPORE- Chicago soybean futures rose for a fourth consecutive session on Wednesday, trading close to their highest in more than five weeks, with shipping delays in the world’s largest exporter Brazil supporting prices.
Wheat rose 0.5 percent as concerns about potential crop losses in a key US growing region pushed prices to a more than one-month high.
“There are some short-tem supply constraints,” said Phin Ziebell, agribusiness economist at National Australia Bank in Melbourne. “We have to look at other commodities such as oil as well. If oil prices keep going higher, it is supportive for grains complex.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.4 percent to $14.14-1/2 a bushel, having climbed to its highest since Jan. 15 in the last session.
Wheat was up 0.5 percent at $6.73-3/4 a bushel to near its session high of $6.76 a bushel, the highest since Jan. 20, while corn eased 0.1 percent to $5.52-1/4 a bushel.
Consultancy AgRural said on Monday that the soybean harvest pace in Brazil was the slowest in a decade. – Reuters