SINGAPORE — Chicago soybean futures rose on Wednesday after hitting a 10-month low in the previous session, aided by hopes of increased Chinese purchases, although forecasts of ample global supplies limited gains.
Corn edged higher, while wheat was largely unchanged.
“The market is focused on Chinese purchases,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney. “China is expected to come back to the market and buy more soybeans.”
China’s soybean imports in September fell 30% from the previous year, customs data showed on Wednesday, as poor crush margins curbed demand.
The most-active soybean contract on the Chicago Board Of Trade (CBOT) rose 0.7% to $12.06-1/2 a bushel by 0331 GMT, having closed down 2.4% on Tuesday when prices hit a December 2020 low.
Corn added 0.1% to $5.23-1/4 a bushel and wheat was flat at $7.34 a bushel.
The US Department of Agriculture (USDA) on Tuesday pegged a larger-than-expected soybean crop of 4.448 billion bushels and soybean yields of 51.5 bushels per acre.
The government agency estimated both the corn crop currently being harvested and the corn yields above expectations.
The USDA forecast global wheat ending stocks at the lowest in five years, due in part to droughts in the northern United States and Canada that hurt production.
Commodity funds were net sellers of CBOT corn, beans, soyoil and soymeal, and net buyers of wheat futures contracts on Tuesday, traders said. (Reporting by Naveen Thukral; Editing by Ramakrishnan M.)