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Soybeans steady on Argentine weather concerns

soy-beanSYDNEY: US soybeans were largely steady on Tuesday after gaining just over one percent in the previous session as unfavourable weather in major South American producer Argentina raised crop concerns.

 

Wheat was little changed after falling for the last three sessions, while corn eased slightly.

 

Chicago Board of Trade January soybeans traded mostly higher during the Asian morning, and eased 0.22 percent to $14.50-1/2 a bushel by 0313 GMT.

 

"Concerns over production in Argentina particularly have supported the oilseed market in the last couple of days, and that continues," said Luke Mathews, commodities strategist at the Commonwealth Bank of Australia

 

March wheat was flat at $8.60-3/4 a bushel after closing 0.32 percent lower in the previous session.

 

March corn fell 0.26 percent to $7.52-3/4 a bushel, giving up Monday's gains.

 

Copyright Reuters, 2012