SINGAPORE: Chicago soybean futures edged higher on Thursday to a one-week high, as doubts over South American crop prospects and signs of strong demand helped the oilseed market recover from losses earlier in the week.

Corn and wheat eased after rallying to three-week highs as traders assessed South American weather and ongoing tensions between major grain exporters Russia and Ukraine.

An easing in oil and share prices also encouraged grain markets to consolidate after sharp gains on Wednesday.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.3% at $13.95-1/4 a bushel by 1226 GMT, after earlier touching a one-week top at $13.97-1/2.

Soybean prices had slipped earlier this week on rain relief for parched

Argentine growing belts, but weather forecasts pointing to drier conditions in early February maintained concerns about yield losses.

The market is also waiting for a clearer picture of Brazil’s soybean harvest, which is in its early stages, after analysts reduced production estimates due to drought in southern areas.

China’s soybean imports in December from the United States almost doubled compared with the previous month, customs data showed on Thursday, as more cargoes arrived after earlier delays due to Hurricane Ida.

Traders will get an update on overseas demand from weekly U.S. export sales at 1330 GMT on Friday.

CBOT wheat was down 0.7% at $7.90-3/4 a bushel after rising to a three-week top at $8.02-3/4 earlier in the session.

Corn was 0.5% lower at $6.07-3/4 a bushel, consolidating below Wednesday’s three-week peak of $6.14-1/2.