SINGAPORE: Chicago soybeans climbed for a second session on Wednesday, with prices underpinned by strong export demand and US data showing oilseed processors in October recorded their third-heaviest crush in history.
Corn and wheat were little changed, pausing for a breather after rising on the back of a rally in crude oil prices a day earlier.
The Chicago Board of Trade most-active soybean contract advanced 0.4 percent to $9.93-1/2 a bushel 0319, having firmed half a percent on Tuesday.
Wheat was unchanged at $3.99 a bushel, having closed up 1.3 percent on Tuesday. Corn was flat at $3.41-1/2 a bushel, after gaining 1.3 percent in the previous session.
"The US reported another couple of big export sales on Tuesday," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
"Demand remains exceptionally strong because the US is currently the only major producer with exportable supplies on hand."
The US Department of Agriculture confirmed sales of more than 700,000 tonnes of US soybeans so far this week.
US soybean processors posted the third heaviest monthly crush on record during October as a likely record soybean harvest provided ample supplies for plants around the country, the National Oilseed Processors Association said on Tuesday.
The NOPA said that its members crushed 164.641 million bushels during October, well above trade forecasts and up 3.6 percent from October 2015. In September, the NOPA crush totalled 129.405 million bushels.
On Tuesday, corn and wheat drew support amid a strong rally in oil. The corn market is linked to energy prices as the grain is used for making ethanol fuel in the United States.
For wheat, there are concerns due to dry weather in the Mississippi River Delta and portions of the southern Plains that could stress the 2017 winter wheat crop.
The crop was 94 percent planted as of Sunday, the USDA said.
Commodity funds were net buyers of CBOT corn, wheat and soybean futures contracts on Tuesday, traders said.
Trader estimates of net fund buying in corn ranged from 5,000 to 13,000 contracts, in soybeans from 1,000 to 4,000 contracts and in wheat from 2,000 to 5,000 contracts.
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