Corn hits one-week high, upcoming USDA forecast to drive market

SYDNEY: US corn edged up on Tuesday to a one-week high as delays in plantings provided some support, though a widely watched US forecast was likely to drive the market's direction.

Soybeans rose 0.2 percent, while wheat advanced to a five-day high.

The most active corn futures contract on the Chicago Board of Trade rose 0.1 percent to $3.67-1/4 a bushel, holding near $3.67-1/2 a bushel - its highest since April 4. Corn gained 2.1 percent in the previous session.

Analysts noted some support from US planting delays, though the market remained cautious ahead of a US Department of Agriculture (USDA) supply and demand report due out later in the session.

"While we have seen some upward moves today, the market is waiting for the USDA report to really determine market sentiment," said Phin Ziebell, agribusiness economist, National Australia Bank.

The USDA said on Monday the corn crop was 3 percent planted, behind an average of trade estimates for 4 percent but in line with the five-year average.

Still, the USDA supply and demand outlook is expected to show a rise in South American corn and soybean crops, adding to already ample global supplies.

The most active soybean futures rose 0.21 percent to $9.43-3/4 a bushel, having closed steady on Monday.

Argentina's 2016/17 soybean harvest accelerated in the past week though heavy rains over the weekend will likely have delayed further progress.

The most active wheat contract rose 0.12 percent to $4.29-1/4 a bushel, having earlier hit a high of $4.29-3/4 a bushel, its highest since April 6. Wheat ended Monday up 1.1 percent.