SYDNEY: US soybeans rose for a fifth straight session on Tuesday, lingering near a one-week high touched during the previous session, as recent strong export demand for US supplies supported prices.
Corn firmed after the US Department of Agriculture (USDA) pegged the condition of the crop below market forecasts, while wheat edged higher.
The most active soybean futures on the Chicago Board Of Trade rose 0.1 percent to $9.86 a bushel, after rising 1.1 percent on Monday when prices hit a one-week high of $9.89 a bushel.
Analysts said export demand for US soybean supplies and supply concerns continues to support prices.
"The USDA reported that a large proportion of the US soybean crop remains in favourable condition," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
"The market's optimism for strong US export demand was bolstered after the USDA reported yet another large sale of beans to China."
The USDA pegged 72 percent of the soybean crop at good to excellent, unchanged from a week earlier and matching analysts' expectations.
Robust export demand kept a floor under corn and soybean prices as the USDA on Monday announced large sales of both commodities via its daily reporting system. Monday's 246,000-tonne soybean sale to China was the ninth daily sales announcement in nine trading days.
The most active corn futures rose 0.3 percent to $3.35-3/4 a bushel, adding to a 0.2 percent gain in the previous session.
USDA said 74 percent of the corn crop was rated good to excellent, below market expectations of 75 percent good to excellent.
Market attention is turning to the next USDA report on Friday due on Friday. The government is broadly expected to increase its US corn and soy production forecasts.
The most active wheat futures rose 0.12 percent to $4.17-1/2 a bushel after closing little changed in the previous session.
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