Chicago soybeans near 6-1/2-year high on LatAm supply concerns

SINGAPORE: Chicago soybean futures rose for a fifth straight session on Tuesday, with prices trading near previous session's highest level since 2014 as dry crop weather and disruptions to exports in South America buoyed prices.

Wheat and corn prices rebounded from earlier declines.

The Chicago Board of Trade (CBOT) most-active soybean contract added 0.9% to $13.24-3/4 a bushel, as of 0325 GMT. The market climbed to $13.49-1/2 a bushel on Monday, its highest since June 2014.

Corn added 0.4% to $4.85-3/4 a bushel and wheat rose 0.4% to $6.44-1/4 a bushel.

Uncertainty about soybean supplies in Brazil are leading support to prices.

The Brazilian soybean harvest started timidly in some areas of top producer Mato Grosso state, especially on farms where growers risked planting it earlier to cultivate cotton afterwards, inside a favourable climate window.

According to local farmers, harvesting work is behind last year's pace due to scarce rainfall earlier in the season.

Argentina will suspend sales of corn for export until Feb. 28, the agriculture ministry said on Wednesday, announcing the surprise move as part of the government's effort to ensure ample domestic food supplies.

Large speculators raised their net long position in CBOT corn futures in the week ended Dec. 29, regulatory data released on Monday showed.

The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and cut their net long position in soybeans.