US soyabean futures edged up early on Tuesday, approaching the prior session's seven-week peak, buoyed by concerns about unfavourable weather in South America, although the advance is likely to face stiff resistance around $15 a bushel. Corn and wheat prices were little changed with the slow current pace of US exports keeping a lid on both markets.
Rabobank analyst Erin FitzPatrick said the most serious concerns centred on less than ideal rainfall in southern Brazil, across Paraguay and Argentina with the weather forecast to be remain unfavourable for the next 7 to 10 day period. Chicago Board of Trade March soyabeans rose 1-1/2 cents or 0.1 percent to $14.90-1/4 a bushel by 1224 GMT. The contract touched $14.98 on Monday, its highest level since mid-December. CBOT March wheat gained a marginal 3/4 cent or 0.1 percent to $7.63-3/4 a bushel and March corn stood 1/4 cent or 0.03 percent lower at $7.34 a bushel.
Milling wheat futures in Paris were slightly lower with March off 0.75 euros or 0.3 percent at 246.75 euros a tonne with a rise in the euro, after a sharp fall on Monday, exerting downward pressure on prices. News that Russia's government backs a plan to suspend a grain import duty had little impact on the market, with operators waiting to see when the measure would be implemented and what import volumes it could trigger. Potential suppliers could include Europe, South America and the United States. Commodity funds sold a net 4,000 CBOT corn contracts on Monday, trade sources said. They sold 3,000 wheat and bought 5,000 soyabean contracts.
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