SYDNEY: US soybean prices inched higher on Tuesday after hitting a nearly one-month low earlier in the session, climbing for the first time in five sessions, though gains were checked by ample global supplies.
FUNDAMENTALS
The most active soybean futures on the Chicago Board of Trade were up 0.3 percent at $9.85 a bushel by 0124 GMT. They earlier hit their lowest since Nov. 17 at $9.81-1/4 a bushel, after closing Monday down 0.7 percent.
The most active corn futures were unchanged at $3.49 a bushel. They ended the last session down 1.1 percent, after marking their weakest since Nov. 27 at $3.48-1/4 a bushel.
The most active wheat futures were little changed at $4.13-1/4 a bushel. They closed down 1.3 percent on Monday, having touched their lowest since January at $4.10-3/4 a bushel.
Wheat prices were under downward pressure amid ample bumper global inventories. A higher-than-expected official estimate of Canadian output last week added to bearish sentiment, offsetting doubts over the weather-hit Australian harvest.
Weekend rains in Argentinian soybean crop areas and forecasts for more moisture next week eased worries about dryness stressing crops in the South American country, dragging on prices. Argentina is a key soybean producer and the world's top exporter of soymeal and soyoil.
The USDA could revise its soy export forecast as soon as Tuesday, when it is set to release its monthly supply/demand report.
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