US soyabean futures rose 1.2 percent on Tuesday, bouncing back a day from a sharp decline in a round of bargain buying after prices sank in the previous session to their lowest since Nov. 8, traders said. Wheat futures edged higher, with short-covering in focus as prices were trending near a three-week low overnight. Corn was hovering near unchanged.
At 11:09 a.m. CST (1709 GMT), Chicago Board of Trade (CBOT) January soyabean futures were up 10-1/4 cents at $8.84 a bushel. Soyabeans received additional support from the US Department of Agriculture's announcement that private exporters reported the sale of 123,567 tonnes of soyabeans for delivery to unknown destinations during the 2018-19 marketing year.
CBOT soft red winter wheat for December delivery was 2-1/4 cents higher at $5.00-3/4 a bushel. Wheat markets are still waiting for the time when Russian export supplies start selling out and global export demand shifts to the United States, said Matt Ammermann, commodity risk manager with INTL FCStone.
CBOT December corn was trading at $3.62-1/4 a bushel, unchanged from Monday's close. USDA said that private exporters reported the cancellation of 2018-19 corn sales totaling 200,588 tonnes to unknown destinations.