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Business

June 3, 2016

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Soybeans rise

Reuters

Paris/Singapore

US soybean futures rose to their highest in almost two years on Thursday to trade above the $11 mark as investors continued to price in strong export demand for U.S. soy in the face of a rain-reduced harvest in Argentina.

Corn inched down as the market consolidated following a 10-month high earlier in the day that also reflected strong U.S. shipments at a time of low supplies in rival exporter Brazil.

Wheat was little changed after tracking gains in corn, with traders monitoring rain in U.S. and European wheat belts that could hurt harvest prospects.

Chicago Board of Trade most-active soybean contract climbed 0.6 percent to $11.06-1/2 a bushel by 1200 GMT.

Earlier in the session, the market touched its highest since July 2014 at $11.09-3/4 a bushel.  Corn eased 0.1 percent to $4.13-1/4 a bushel after hitting its highest since July at $4.15 a bushel.

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