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Chicago soybean futures rose for the first time in four sessions on Wednesday, with prices supported by strong demand, although improved weather in South America limited gains.

Strong demand is supporting soybean prices. In the United States, the National Oilseed Processors Association report showed that processors crushed 186.438 million bushels of soybeans during December, the biggest monthly total on record.

* Better-than-expected export inspections in the U.S. also lent support to corn and soybean futures.

* Weekly soybean inspections totalled 1.721 million tonnes and corn export inspections were reported at 1.204 million tonnes.

* A strong export report from the U.S. Department of Agriculture (USDA) is helping support wheat prices.

* The USDA said that weekly export inspections of wheat totalled 369,188 tonnes, up from 234,356 tonnes the prior week and near the high end of market forecasts.

* Commodity funds were net buyers of CBOT wheat, corn and soyoil contracts on Tuesday. They were net sellers of soybean and soymeal futures,

Source : Reutures

 

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