Soybean up

SYDNEY: U.S. soybeans edged up from a three-week low on Tuesday, but were capped by plentiful global supplies and an expected forecast for increased plantings in a widely watched U.S. government report.

Wheat edged higher, extending gains into a second consecutive session, while corn was little changed. The most active soybean futures on the Chicago Board Of Trade rose 0.3 percent to $10.25-1/2 a bushel, having earlier hit a low of $10.22 a bushel - the lowest since Feb. 1.

Soybeans closed down 0.3 percent on Wednesday. Despite the slight uptick, analysts said market fundamentals for soybeans remained negative.

"There are bumper supplies in South America, while the USDA is expected to report an increase in plantings. All the news of the day is bearish for prices," said Phin Ziebell, agribusiness economist, National Australia Bank. The outlook for South American production has been boosted by recent rains, while the harvest is quickly advancing in both Brazil and Argentina.