PARIS/BEIJING: Chicago corn, soybeans and wheat futures edged up on Tuesday, steadying following multi-week lows, driven by the arrival of large US corn and soy crops.
Slower-than-expected Midwest harvest progress last week, an easing in the dollar index and a rally in crude oil lent some support to futures, traders said.
The most-traded soybean contract on the Chicago Board of Trade ended the overnight session up 0.3 percent at USD12.57-1/2 a bushel, after earlier touching its lowest since August 26.
CBOT corn ticked up 0.2 percent to USD4.67-3/4 a bushel, while CBOT wheat added 0.8 percent to USD6.60-1/2 a bushel. Both cereals hit two-month lows earlier in the session.
The US Department of Agriculture reported on Monday that 64 percent of the soybean crop and 44 percent of the corn crop had been harvested, both below market expectations and behind the five-year average. Winter wheat planting was 63 percent complete, versus expectations of 65 percent.
Scattered rain delayed fieldwork in parts of the Midwest last week, though forecasters said they expect drier conditions since late last week to help harvesting accelerate again.
Harvest pressure has countered support from renewed Chinese demand. The department on Monday confirmed private sales totalling 114,000 metric tons of US soybeans to China, bringing the confirmed sales total to China to 1.472 million tons over the past four days.