LONDON: Chicago soybean futures edged up on Thursday as Brazilian authorities failed to reach an agreement to end a truckers' strike that threatens to disrupt exports.
Corn prices were also slightly higher but wheat futures eased, weighed down partly by an improving crop outlook in the United States. Chicago Board of Trade May soybeans rose 0.4 percent to $10.15 a bushel by 1215 GMT.
"The truckers' strike was one of the main factors last night, but there has been no resolution yet this morning so the market is not going to move lower on that story," said Brett Cooper, senior manager of markets at FCStone Australia.
The Brazilian government told truckers and transport companies late on Wednesday it would extend a year of free financing for vehicles and pass a law that would benefit the sector if protesters ended a crippling strike now in its eighth day.
CBOT corn prices were also higher with May up 0.7 percent at $3.86-1/2 a bushel with the market stuck around the middle of its recent trading band.
Wheat prices were marginally lower with CBOT May off 0.15 percent at $4.96-1/2 a bushel while May milling wheat in Paris fell 0.5 percent to 184.25 euros a tonne. Dealers cited ample global supplies and an improving outlook for US crops as bearish factors.
"The market is forming an opinion that US wheat crop conditions have very much improved," Cooper said.
"Right now a lot of people are considering increasing their wheat production estimates which is bearish for prices."
The slow pace of US export sales, despite a sale to Egypt this week, has added to the bearish mood.
"Clearly the market is still worried about the accumulation of US inventories and the potential for a large Hard Red Winter crop in the season ahead," Commonwealth Bank of Australia analyst Tobin Gorey said.
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