SINGAPORE: Chicago soybean futures gained more ground on Thursday and the market was trading its highest since mid-January as concerns over lower supplies from South America underpinned prices.
The wheat market rose as traders focused on dry and cold weather in key growing areas of the Midwest and southern Plains.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.1% at $13.92-1/2 a bushel, as of 0535 GMT.
Chicago soybean futures fell for a third straight session
Wheat rose 0.5% to $8.00-1/2 a bushel, while corn was unmoved at $6.10-1/2 a bushel.
China's soybean imports in December from the United States almost doubled compared with the previous month, customs data showed on Thursday, as more cargoes arrived after earlier delays due to Hurricane Ida.
Expectations of lower soybean output in Brazil, the world's biggest exporter, are lending support to prices.
Argentine farmers have sold 37.5 million tonnes of soybeans from the 2020/21 season so far including 261,200 tonnes in the seven days to Jan. 12, the Agriculture Ministry said on Wednesday.
The wheat market is being supported by strong global demand, highlighted by activity on the export market. State grain buyers in both Jordan and Iran issued tenders on Wednesday to purchase wheat.
Commodity funds were net buyers of CBOT soybean, wheat, corn, soyoil and soymeal futures contracts on Wednesday, traders said.
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