US soyabean futures rose more than 1 percent on Wednesday, rebounding a day after the most-active contract fell to a 10-year low as the harvest of a likely record-large US crop got under way, analysts said. US wheat futures rose on technical buying and concerns about tightening global supplies, while corn futures followed the firm trend.
As of 1:01 pm CDT (1801 GMT), Chicago Board of Trade November soyabeans were up 14 cents at $8.28 a bushel. The contract on Tuesday fell to $8.12-1/4, the lowest price for a most-active contract since December 2008. Soyabeans also appeared to drew support from world stock markets, which broadly rose for a second straight day on bets the ongoing US-China trade spat would inflict less damage than feared. China is the world's biggest soyabean importer.
CBOT wheat rose more than 2 percent, with the December contract up 12-1/2 cents at $5.23 a bushel. Wheat firmed on a mix of chart-based buying, with the December contract nearing resistance at its 20- and 200-day moving averages, along with a pick-up in global export business that has reinforced ideas of tightening global supplies.
Egypt's main state wheat buyer on Tuesday booked 475,000 tonnes of wheat for two shipment periods, and Turkey's state grain board issued a tender for around 252,000 tonnes of wheat. CBOT corn futures followed wheat and soyabeans higher, with benchmark December up 3-1/4 cents at $3.46-1/2 a bushel, but pressure from the expanding US harvest capped rallies. Traders were also monitoring dry weather and potential for additional cold temperatures in Australia, a key wheat exporter, following possible frost damage last weekend.