(Reuters) – U.S. soybeans rose for a second session on Thursday, drawing support from international demand for U.S. supplies, though favourable weather forecasts for key producing regions capped the rally.
Corn was little changed, under pressure from expectations of silo-bursting supplies, while wheat rose for a second session.
The most active soybean futures on the Chicago Board Of Trade rose 0.31 percent to $9.58-1/2 a bushel, having firmed 0.3 percent on Wednesday.
“The market will be tallying the net impact of strong U.S. export demand against a potential bumper U.S. harvest,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
Exporters on Wednesday reported sales of 441,000 tonnes of U.S. soybeans to China for delivery in the 2016/17 marketing year, which begins on Sept. 1, the U.S. Department of Agriculture said.
There were 256,000 tonnes of soybeans sold to reportedly unknown destinations with 66,000 tonnes for delivery in the 2015/16 marketing year and 190,200 tonnes for delivery in 2016/17, according to the USDA.
It was the sixth consecutive business day on which the agency confirmed soybean sales, with volumes to China and unknown destinations totalling more than 2 million tonnes over that period.
While demand appears strong for U.S. crops, with favourable weather expected across the Midwest, forecasters are increasingly confident of bumper U.S. supplies.
The most active corn futures rose 0.1 percent to $3.35-1/4 a bushel, having gained 0.3 percent in the previous session.
The most active wheat futures rose 0.3 percent to $4.11-1/2 a bushel, having closed up 2.2 percent on Wednesday.
Corn is under pressure from the weather outlook, but also drew support from news the Brazilian government is working to adjust its regulations on imports of genetically modified organisms (GMOs) to allow more corn imports from the United States.
