SINGAPORE/PARIS: Chicago soybean futures rose for the first time in four sessions on Wednesday, with prices supported by strong demand, although improved weather in South America limited gains.
Wheat rose for a second straight session as cold weather threatened crops in dry parts of the United States.
“Global demand for agriculture products is recovering, which is supporting prices,” said one Singapore-based trader.
The most-active soybean contract on the Chicago Board of Trade (CBOT) added 1.1% to $13.76 a bushel, as of 1106 GMT, after falling for three sessions.
Wheat gained 1.6% to $7.81.25 a bushel and corn rose 1.25% to $6.06-3/4 a bushel.
Strong demand is supporting soybean prices. In the United States, a National Oilseed Processors Association report showed that processors crushed 186.438 million bushels of soybeans during December, the biggest monthly total on record.
Better-than-expected export inspections in the U.S. also lent support to corn and soybean futures.
Weekly soybean inspections totaled 1.721 million tonnes and corn export inspections were reported at 1.204 million tonnes.
A strong export report from the U.S. Department of Agriculture (USDA) and adverse weather are helping support wheat prices.
“A cold snap is currently underway in the U.S., raising concerns about winter wheat crops weakened by this fall’s water deficit,” French consultancy Agritel said in a note.
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