Soybeans rise to 3-week high on US crop woes, Chinese demand
SOYB•Soybeans hit highest since late July
Chicago soybeans gained more ground on Tuesday, reaching their highest since late July, after a U.S. government report showed a decline in crop conditions, while strong Chinese demand also underpinned prices.
Wheat was largely flat, with the market holding on to recent gains on support from disruptions to Black Sea supplies.
"Chinese buying is likely to provide support for soybean prices," said one oilseed trader in Singapore. "The market expects Chinese companies to step up purchases in the coming weeks."
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.7% to $12.24-1/2 a bushel by 0342 GMT, having hit its highest since July 27 earlier in the session.
Wheat Wv1 was unchanged at $6.89-1/4 a bushel and corn Cv1 gained 0.4% at $4.91-1/4 a bushel.
US crop ratings slip as traders watch farm tours and demand
The U.S. Department of Agriculture lowered its condition ratings for the nation's corn and soybean crops in a weekly report on Monday, in line with trade expectations, after recent rains in the U.S. Midwest.
The agency rated 60% of the corn crop in good-to-excellent condition as of Sunday, down 1 percentage point from a week earlier and the lowest for the 33rd week of the calendar year since 2023.
The USDA rated 61% of the soybean crop in good-to-excellent condition, also down 1 percentage point from last week and the lowest for this time of year since 2023.
Agricultural market participants are closely watching a tour of U.S. corn and soybean farms for price direction.
South Dakota's corn yield prospects and soybean pod counts are lower than last year and the three-year average, scouts on an annual tour of top U.S. producing states found on Monday, following a hot and dry summer.
