PARIS: Chicago soybean futures edged up on Wednesday to hold around a six-week high, underpinned by signs of Chinese purchases, hot weather in the Midwest crop belt and a surge in crude oil.
Corn eased after also hitting its highest in more than a month, with attention turning to US government supply-and-demand forecasts later in the week.
China bought at least five more cargoes of US soybeans overnight, traders said on Wednesday, adding to a similar volume reported by traders on Monday.
The reported buying has boosted hopes that Beijing may work towards a target of 25 million metric tons of US beans annually as announced by Washington under a trade truce between the world’s two biggest economies.
Renewed Chinese demand has coincided with a hot spell in the US Midwest, which has stirred early concerns about corn and soybean crop conditions, and a fraying US-Iran ceasefire.
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