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SINGAPORE — Chicago soybean futures bounced back on Wednesday with prices rising for three out of four sessions, as dry weather in South America underpinned prices.
Corn was largely unchanged, while wheat ticked lower.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.3% to $15.73-3/4 a bushel, as of 0102 GMT. Corn was unmoved at $6.32-1/4 a bushel and wheat lost 0.1% to $7.78-1/4 a bushel.
* Agricultural markets are positioning ahead of world supply and demand forecasts from the US Department of Agriculture (USDA) due later on Wednesday.
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* Soybean farmers in Brazil and Argentina this season have battled hot and dry conditions.
* Brazil is expected to export 7.5 million tonnes of soybeans in February, farm consultancy ANEC said, down from 9.923 million tonnes projected the week prior.
* Commodity funds were net buyers of CBOT wheat and soymeal futures contracts on Tuesday and net sellers of corn, soyoil and soybean futures, traders said.
MARKET NEWS
* Big Tech gave major US stock indexes a boost on Tuesday and European shares ended largely unchanged as a sharp fall in oil prices took the shine off bumper profits from oil company BP .
No major data/events expected on Wednesday, Feb 9 (Reporting by Naveen Thukral; Editing by Shailesh Kuber)
financialpost.com