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Business

REUTERS
January 12, 2018

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Soybeans edge higher

Singapore :Chicago soybean futures edged higher on Thursday as the market took a breather following three sessions of declines, with the focus on a US government report expected to show higher inventories.

The Chicago Board Of Trade most-active soybean contract rose 0.1 percent to $9.56 a bushel by 0340 GMT, having closed down 0.9 percent on Wednesday when prices hit $9.51-3/4 a bushel - the lowest since December 22.

"US soybean exports are surprisingly slow and I think it is because of quality issues," said one India-based agricultural commodities analyst at an international bank.

"It is difficult for US soybean exports to recover now as Brazilian new-crop supplies will hit the market at the beginning of February."

Analysts polled by Reuters expected the US Department of Agriculture (USDA) to boost US soybean stocks after a record-large harvest at the end of last year and slowing exports due to quality issues.

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