(Reuters) – Chicago soybeans rose to a five-week high on Wednesday, gaining for a fifth consecutive session on strong demand, while corn was little changed after rising for the past two days.
Wheat gained more ground, rising for a third straight session with support from Egypt’s plans to buy U.S. wheat.
Chicago Board of Trade March wheat climbed 0.6 percent to $5.37-3/4 a bushel by 0250 GMT, having closed up 0.3 percent on Tuesday when prices hit a near one-month top of $5.48.
March soybeans rose 0.3 percent to $10.10-1/2 a bushel, highest since Jan. 15. Corn was unchanged at $3.89-1/2 a bushel, having gained 0.6 percent on Tuesday.
“U.S. soybean exports continue to surprise on the high side,” Tobin Gorey, director of agriculture strategy for the Commonwealth Bank of Australia, said in a note to clients.
“That helps with the U.S. position obviously now but it may mean that the impending deluge from South America struggles to find buyers later.”
Brazil’s 2014-15 soybean crop is now 38 percent sold, up from 32 percent a month ago, but well behind the 58 percent sold at this time last year, local analysts Safras e Mercado said.
In addition to firm demand from overseas buyers, record domestic soybean processing underpinned Chicago prices.
National Oilseed Processors Association data showed the U.S. soybean crush at 162.675 million bushels in January, the biggest ever for the month.
The wheat market is being currently supported by demand from Egypt, the world’s biggest buyer.
Egypt’s General Authority for Supply Commodities set a tender on Tuesday to buy an unspecified amount of U.S.-origin wheat for April 10-20 delivery.
An arctic blast hitting the heart of the U.S. Midwest soft red winter wheat belt this week will put 10 to 15 percent of the dormant crop at risk of winterkill damage, agricultural meteorologists said.
U.S. wheat exports are, however, down about 30 percent from last year and prospects for business picking up look bleak given the strong dollar and ample supplies overseas, traders and analysts say.
Exporters had hoped slow sales would improve in February and March when competitors like Russia, Ukraine and France usually start running out of wheat. But that has not happened this season.
