HAMBURG/SINGAPORE: Chicago soybeans rose for a second session on Wednesday, underpinned by strong export demand and data showing US oilseed processors in October recorded their third-largest crush in history.
Corn and wheat also stayed firm after rising on Tuesday's rally in crude oil prices, as attention turned to possible weather risks to South American corn plantings.
Chicago Board of Trade January soybeans had risen 0.4 percent to $9.94 a bushel by 1106 GMT, after a gain of 0.5 percent on Tuesday.
December wheat was up 0.4 percent at $4.00-3/4 a bushel, having closed up 1.3 percent on Tuesday. December corn was up 0.1 percent at $3.42 a bushel, after also rising 1.3 percent on Tuesday.
"Soybeans are being supported today by the strong US crushing figures seen on Tuesday and continued brisk US soybean export sales with Chinese demand continuing," said Graydon Chong, senior commodity analyst with Rabobank.
"A firmer trend in the palm oil market is also supportive for soyoil and so soybeans today."
The US Department of Agriculture (USDA) on Tuesday confirmed export sales of around 700,000 tonnes of US soybeans so far this week.
US soybean processors posted the third-heaviest monthly crush on record in October as a likely record-large US soybean harvest provided ample supplies for crushing plants around the country, the US National Oilseed Processors Association said.
On Tuesday, corn and wheat drew support amid a rally in crude oil although crude prices slipped in the latest session. The corn market is linked to energy prices as the grain is used for making ethanol fuel in the United States.
"Wheat and corn are being underpinned by concerns about planting weather, as attention now starts turning to the South American harvest. There is some worry about if weather conditions in Argentina and Brazil will permit the intended corn plantings," Rabobank's Chong said.
"There is also some worry about dryness in parts of the United States hitting wheat."
"Attention in wheat and corn markets is starting to return to fundamentals after trading heavily influenced by exchange rates in recent days following the US presidential election."
For wheat, dry weather in the Mississippi River Delta and portions of the southern Plains is in focus, which could stress the 2017 US winter wheat crop.
The US winter wheat crop was 94 percent planted as of Sunday, the USDA said.
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