SINGAPORE: Chicago corn futures rose for a second session on Thursday with prices supported by floods threatening to delay plantings in parts of the U.S. Midwest.
Soybeans edged up, gaining in three out of four sessions, underpinned by optimism over U.S.-China trade talks, while wheat rose for a fourth consecutive day on short-covering.
The Chicago Board of Trade (CBOT) most-active corn contract rose 0.3 percent to $3.63-3/4 a bushel by 0329 GMT, while soybeans gained 0.1 percent to $8.99-1/2 a bushel and wheat added 0.3 percent to $4.72-1/2 a bushel.
"There is some support for the corn market because of planting delays in the U.S. Midwest and damage to stocks from the previous crop which was in storage," said Phin Ziebell, an agribusiness economist at National Australia Bank.
"U.S.-China trade talks seem to be progressing well which ispositive for beans." Concerns about planting delays in the U.S. Midwest are providing support to corn but massive domestic supplies are keeping gains in check.
The soybean market is supported by hopes of a positive outcome from U.S.-China trade talks.
The trade talks made "good headway" last week in Beijing and both sides aim to bridge differences during talks that could extend beyond three days this week, White House economic adviser Larry Kudlow said.
Private analytics firm IEG Vantage, formerly known as Informa Economics IEG, projected the U.S. winter wheat harvest for the 2019/20 marketing year at 1.276 billion bushels, trade sources said on Wednesday.
The firm raised its forecast of Brazil's 2018/19 corn harvest to 94.5 million tonnes, up 500,000 tonnes from its previous figure, and estimated Brazil's soybean crop at 114.5 million tonnes, they said.
Commodity funds were net buyers of CBOT wheat, corn and soymeal futures contracts on Wednesday, traders said. They were net sellers of soybeans and soyoil.
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