PARIS/BEIJING: Chicago soybean futures inched up on Thursday, steadying after a three-day fall with support from a weaker dollar, while traders sought more indications about Chinese purchases of US soy.
Wheat was little changed as traders awaited updated crop forecasts from major exporter Canada, while corn eased further back from a six-month high hit earlier this week.
The dollar index fell to a new one-month low on growing expectations for a US interest rate cut next week, making US crops cheaper overseas.
“The macro backdrop is supportive for agriculture money flows,” Peak Trading Research said in a note. “The weak dollar and growing confidence in a Fed rate cut next Wednesday are doing most of the work.”
The most-active soybean contract on the Chicago Board of Trade was up 0.2percent at USD11.18 a bushel by 1113 GMT.
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