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Thursday March 28, 2024

Soybean rises

By our correspondents
February 23, 2017

SYDNEY: U.S. soybean prices rose on Wednesday to move away from a three-week low touched the session before, but gains were checked as favourable growing weather in South America stoked expectations of ample global supply.

The most active soybean futures on the Chicago Board of Trade, for March, gained 0.3 percent to $10.29-1/2 a bushel.

They closed down 0.6 percent on Tuesday, after marking the lowest since Feb. 1 at $10.26 a bushel.

The most active corn futures climbed 0.2 percent to $3.70 a bushel, having climbed 0.3 percent in the previous session, when prices hit their weakest since Feb. 8 at $3.66-1/2.

The most active wheat futures were little changed at $8.81-3/4 a bushel. They ended down 1.1 percent on Tuesday, when prices touched their lowest since Feb. 9 at $4.35.

Local weather analysts said heavy weekend rains in Argentina would probably benefit crops, easing earlier fears that the damp could threaten yields.