SINGAPORE: Chicago corn edged higher on Wednesday, with the market recovering from last session’s near two-week low while soybeans firmed, although supplies from freshly harvested US crops limited the upside in prices.
Wheat rose after closing lower in the last session on pressure from Russian supplies.
“There is some bargain-buying in corn at these levels,” said one Singapore-based trader. “There are a lot of feed grain supplies in the market, which are going to limit gains.”
The most active corn contract on the Chicago Board of Trade (CBOT) added 0.2% to $4.85 a bushel, as of 0332 GMT. Soybeans rose a quarter of a cent to $13.14-3/4 a bushel and wheat gained 0.3% at $5.82-1/4 a bushel.
A quick harvest pace for US corn and soy is expected to continue until the next round of heavier rains is forecast to move across the Corn Belt later this week.
Farmers had harvested 76% of their soybean crop and 59% of their corn by Sunday, the US Department of Agriculture (USDA) said after trading ended on Monday.