SYDNEY: US soybeans rose on Monday for a fourth straight session, the longest unbroken rally in nearly four months, as strong export demand pushed the oilseed to a one-week high.
Wheat rose more than 0.5 percent, extending gains made last week. Corn edged lower on ample supply expectations.
The most active soybean futures on the Chicago Board Of Trade rose 0.8 percent to $9.82-1/4 a bushel by 0403 GMT, having earlier touched $9.89 a bushel - the highest since August 1. Soybeans firmed 1.9 percent on Friday.
Soybeans are up for four straight sessions, the longest unbroken rally since mid-April.
Soybeans have drawn support amid a wave of purchases of U.S. cargoes, traders said.
"Much tighter South American supply conditions have improved U.S. demand prospects, which is now helping to offset worries over bumper U.S. production," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
The U.S. Department of Agriculture (USDA) on Friday reported that exporters had struck deals to sell 498,000 tonnes of U.S. soybeans to top-importer China for delivery in the marketing year that starts on Sept. 1.
It was the eighth consecutive trading day in which the USDA confirmed a soybean sale to China or "unknown destinations," bringing total volumes for that period to 2.8 million tonnes.
The most active corn futures fell 0.22 percent to $3.33-1/2 a bushel, having firmed 1 percent in the previous session.
The most active wheat futures rose 0.72 percent to $4.19 a bushel, still near the session-high of $4.22-1/4 a bushel - the highest since July 26. Wheat closed up 3.2 percent on Friday and gained 2 percent last week.
Corn and soybean futures have been under pressure recently from favourable weather forecasts for the U.S. Midwest that have boosted expectations for massive harvests later this year.
Analytical firm Informa Economics on Friday predicted the autumn corn harvest will reach 14.694 billion bushels, with a yield of 169.8 bushels per acre. The company pegged the soybean harvest at 3.958 billion bushels, with a yield of 47.7 bushels per acre.
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