PARIS/SINGAPORE: Chicago soybean futures rose for a second session on Tuesday as rain gave only a modest boost to Midwest crops, adding to expectations that the US government will reduce its harvest forecast.
Wheat climbed as a drone strike on Ukraine’s Odesa port put attention back on war risks to Black Sea supply, while a surprise drop in a US spring wheat crop rating underscored mixed harvest prospects in the northern hemisphere.
Corn tracked strength in wheat and soybeans, but was capped by a sharp improvement in US crop conditions and harvest progress in Brazil.
Just 51% of US soybeans were in good-to-excellent condition as of Sunday, US Department of Agriculture data showed on Monday, up from 50% last week but below an average analyst estimate of 52%.
The limited impact so far of showers in drought-affected Midwest fields supported expectations that the USDA will lower its forecast for US 2023 soybean production on a monthly supply and demand report on Wednesday.
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