Singapore : Chicago soybean futures rose to a seven-month high on Tuesday with the market climbing for five out of six sessions, buoyed by poor rains over the weekend in Argentina´s drought-hit oilseed growing areas.
Wheat rose around half a percent, recouping some of last session´s losse, while corn edged higher.
The most-active soybean contract on the Chicago Board Of Trade added 0.9 percent to $10.30-3/4 a bushel by 0207 GMT, near the session high of $10.33-1/2 a bushel - the highest since July 25. Wheat gained 0.5 percent to $4.60 a bushel, having closed down 0.9 percent on Friday, and corn rose 0.1 percent to $3.68 a bushel.
The drought afflicting Argentina since November has shrivelled soybean yields to the point that analysts and farmers have slashed harvest estimates by about 10 million tonnes, with final crop forecasts consolidating under the 50 million tonne mark.
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