Russia is prepared to stop interfering in the regulation of grain exports when the market stabilises, the Interfax news agency cited Agriculture Minister Dmitry Patrushev as saying on Tuesday.
Port premiums for Brazilian soybeans have turned negative as rains disrupt harvesting and transportation of the oilseeds in key growing states such as Mato Grosso, analyst Luiz Roque from agribusiness consultancy Safras & Mercado said on Tuesday.
The move triggered more buying in a futures market already on edge due to crop-threatening South American weather amid robust demand and tightening global corn and soybean supplies.
"We are at the crucial time," said Mark Schultz, chief market analyst at Northstar Commodity. "They better start getting the moisture."
Chicago Board of Trade January soybean futures settled up 17-1/2 cents at $12.01-1/4 a bushel. CBOT March corn futures gained 5-1/4 cents to $4.32-1/2.