Chicago soybean futures rose for a second session on Thursday as rains were expected to slow the US harvest while dry conditions in Brazil also kept attention on weather risks to soybean planting in South America.
Corn also edged higher as rain delays to harvesting were also forecast in parts of the US Midwest, though expectations for good yields were curbing corn and soy markets. Wheat dipped slightly, giving up earlier marginal gains to add to Wednesday’s 1.3 per cent decline. The cereal remained under pressure from beneficial rains for dry US wheat belts and stiff export competition from Russian wheat.
The Chicago Board of Trade’s (CBOT) most-active soybean contract was up 0.4 per cent at $9.62-1/4 a bushel by 1134 GMT, extending similar gains the previous day. Corn rose 0.4 per cent to $3.49-3/4 a bushel, while wheat edged 0.2 per cent down to $4.41-1/4 a bushel.
“The U.S. soybean harvest is being delayed as rains seem to be an issue," said Phin Ziebell, agribusiness economist at National Australia Bank.