SINGAPORE/PARIS: Chicago soybeans hit a two-week high on Wednesday as rumoured Chinese interest in US supplies and steadying oil prices sustained a rebound from a four-month low.
Wheat and corn rose to also recover from multi-month lows, with the wheat market supported by signs of increased demand from importers.
The most-active soybean contract on the Chicago Board of Trade rose 0.8 percent to USD11.55-1/4 per bushel at 1219 GMT.
The contract earlier touched its highest since June 3, moving further away from Monday’s four-month low.
“The decline in prices since the beginning of the month is encouraging renewed buying interest, with positioning from China expected for US-origin soybeans in particular,” Argus Media analysts said.
Soybean prices were pressured earlier this month by favourable US crop weather, falling oil prices and an absence of Chinese purchases further to a US-China summit in May.
“Chinese companies have been inquiring about prices of new-crop US soybeans for shipment in the fourth quarter, which is supporting prices,” said one trader in Singapore, adding there was no indication any deals have been signed.
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