PARIS/SINGAPORE: Front-month US soybean futures rose about 1 percent on Monday, hitting a three-week high on export demand and renewed strength in global vegetable oil markets, analysts said.
Wheat futures firmed on fund short-covering while corn was mixed in choppy trade.
At the Chicago Board of Trade, benchmark November soybean futures were up 12-1/2 cents at $9.75 per bushel after reaching $9.78-3/4, the contract's highest since Sept. 22.
December wheat was up 2-3/4 cents at $4.23-3/4 a bushel and December corn was down 1 cent at $3.53-1/4 a bushel.
Soybeans drew support as the December Malaysian palm oil contract surged more than 4 percent, partly on forecasts of weaker production growth for the month of October.
"Palm oil is leading the charge and beans follow that," said Don Roose, president of US Commodities in West Des Moines, Iowa.
The soy market got another boost when the US Department of Agriculture (USDA) reported export inspections of US soybeans in the latest week at 2.5 million tonnes, above a range of trade estimates for 1.3 million to 1.6 million tonnes.
The National Oilseed Processors Association said its members crushed 129.405 million bushels of soybeans in September, above an average of trade estimates for 127.7 million.
NOPA reported US soyoil stocks at the end of September at 1.376 billion lbs, down from 1.620 billion a month earlier and tighter than the average trade estimate of 1.500 billion.
Corn futures turned lower, retreating from early advances after the spot December contract failed to match Friday's 2-1/2-month high of $3.58-3/4.
Farmer selling played a role as the US harvest continued. Farmers have been reluctant sellers of corn this autumn, opting to store much of the crop and hold out for higher prices. But some growers have been taking advantage of a roughly 30-cent rally in the December futures contract since Sept. 30, Roose said.
Ahead of the USDA's weekly crop progress report due later on Monday, analysts surveyed by Reuters expected the government to show the US soybean harvest as 62 percent complete and the corn harvest as 49 percent complete.
Wheat futures firmed for a third straight session on technical buying, including fund-driven short-covering and a pick-up in global wheat export business.
The latest deal was Monday's 610,000-tonne hard wheat purchase by Saudi Arabia.
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