SINGAPORE: Chicago soybean futures rose for a fifth consecutive session on Wednesday, hitting their highest in four months, buoyed by strong Chinese demand for US shipments.
Corn dropped after four sessions of gains as abundant global supplies halted the rally, while wheat dipped, paring some of the gains from the previous session.
The most-active soybean contract on the Chicago Board Of Trade was up 0.2 percent at $10.31-3/4 a bushel by 0356 GMT. Earlier in the session, it hit its highest level since July 20 at $10.33-3/4 a bushel.
Wheat slid 0.3 percent to $4.06-1/4 a bushel and corn declined 0.6 percent to $3.48-3/4 a bushel.
"There is massive amount of business happening even though there is talk about prices being too high," said Ole Houe, an analyst with brokerage IKON Commodities in Sydney. "Weekly soybean export sales out of the United States are massive."
China's Dalian soybean futures, which have been influencing gains in the US market, were up 1.6 percent.
The US Department of Agriculture (USDA) confirmed that private exporters sold 30,000 tonnes of soyoil to China in the last day.
The market will be looking at weekly export sales report, due from the USDA on Thursday, for further direction.
Soybeans also drew support from uncertainty about crop weather as the South American growing season gets underway. There is talk about potential dryness in parts of Argentina in December, analysts said.
The USDA rated 58 percent of the US winter wheat crop as good to excellent, down from 59 percent the previous week.
Commodity funds were net buyers of CBOT soybean, corn and wheat futures contracts on Tuesday, traders said.
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