(Reuters) – U.S. soybeans rose for the first time in three sessions on Wednesday, edging up from a near four-month low, although expectations of bumper supplies provided a ceiling to gains.
Corn was little changed, lingering close to a near two-year low, while wheat edged higher.i have
The most-active soybean futures on the Chicago Board Of Trade rose 0.1 percent to $9.54 a bushel, having closed down 0.9 percent on Tuesday when prices hit a near four-month low.
However, analysts said soybeans would remain under pressure amid a favourable weather outlook.
“Forecasters are suggesting that the prevailing weather pattern in the U.S. Midwest is unlikely to change all that much in August,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
“The market, as a consequence, is becoming increasingly confident that the U.S. will be harvesting big soybean crops this year.”
The most-active corn futures was unchanged at $3.34 a bushel, having closed little changed in the previous session after earlier hitting a near two-year low.
Analysts said corn too remains under pressure from expectations of ample global supplies.
Lingering concerns over the state of both of corn and soybeans have been eased in recent weeks, and the U.S. Department of Agriculture condition report reinforced that sentiment.
The USDA raised its weekly soybean crop condition ratings and left its corn ratings unchanged, surprising analysts who expected a decline.
Prospects for robust U.S. corn and soybean crops set the bearish tone. Commodity brokerage INTL FCStone on Monday projected U.S. 2016 corn production at 15.146 billion bushels and soybean production at 4.054 billion bushels. Both figures would be all-time highs, if realized.
The most-active wheat futures rose 0.3 percent to $4.02-1/4 a bushel, having closed down 1.2 percent on Tuesday.
