(Reuters) – U.S. soybeans rose nearly 0.5 percent on Tuesday to move away from their lowest in more than five months as investors looked for bargains, but plentiful global supply kept a ceiling on gains.
Corn edged up from a more than a two-month low, while corn prices also climbed.
The most active soybean futures on the Chicago Board of Trade advanced 0.46 percent to $9.76 a bushel. They closed down 0.44 percent on Monday, having marked their weakest since Oct. 17 at $9.68-1/4 a bushel.
“You can’t escape fundamentals, and the reality is that without a change in supply, you won’t see much upside beyond the odd bit of bargain-buying,” said Phin Ziebell, agribusiness economist, National Australia Bank.
Large South American production this season has stoked expectations of ample global supply, while U.S. farmers are expected to sow larger amounts of the oilseed next season.
The U.S. Department of Agriculture is expected to predict U.S. soybean plantings for 2017 will rise nearly 5 million from 2016.
Analysts polled by Reuters expected the USDA in the same report to show stockpiles of U.S. wheat, corn and soybeans as of March 1 larger than at the same point in 2016.
The most active corn futures advanced 0.3 percent to $3.56-3/4 a bushel, having ended the last session down 0.14 percent. On Monday, they touched their lowest since Jan. 12 at $3.54-1/4 a bushel.
Corn seedings were forecast at 90.969 million acres, down by about 3 million acres.
The most active wheat futures rose 0.12 percent to $4.21-1/4 a bushel. They closed down 0.9 percent on Monday when prices hit their lowest since Feb. 1 at $4.18-1/4 a bushel.
Wheat prices were under pressure as rains forecast for the next 10 days are set to boost wheat growth in the U.S. Plains and southwest portion of the Midwest.
Grains prices at 0230 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 421.25 0.50 +0.12% -0.82% 443.10 39
CBOT corn 356.75 1.00 +0.28% +0.14% 369.45 35
CBOT soy 976.00 4.50 +0.46% +0.03% 1018.34 26
CBOT rice 9.80 $0.00 -0.05% +0.20% $9.71 61
WTI crude 47.97 $0.24 +0.50% +0.00% $50.96 40
Currencies
Euro/dlr $1.086 $0.000 -0.02% +0.60%
USD/AUD 0.7626 0.001 +0.14% +0.05%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
