Soybeans tick higher, Argentine weather limits gains; wheat firm


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SINGAPORE — Chicago soybean futures rose for the first time in six sessions on Wednesday, although beneficial rains across Argentina’s crop belt limited the upside potential in prices.

Wheat and corn prices rose for a second session.

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FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade rose 0.1% to $14.90 a bushel, as of 0155 GMT. Wheat added 0.4% to $7.37-1/2 a bushel and corn gained 0.3% at $6.78-3/4 a bushel.

* More rain is expected across Argentina in the coming week, after the country’s drought-hit farms received widespread rains this week, preventing further damage to the crop.

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* Wheat rose on bargain-buying, having dropped to a 16-month earlier this week. Precipitation across the U.S. Plains has recharged soil moisture for drought-affected parts of the winter wheat crop.

* Commodity funds were net buyers of CBOT corn and wheat futures contracts on Tuesday, and net sellers of soybeans, soymeal and soyoil futures, traders said.

MARKET NEWS

* U.S. stock indexes closed mixed and the dollar slid a bit on Tuesday after companies warned of a tough year ahead along with some profit beats, while data showed U.S. business activity contracted for a troubling seventh straight month in January.

DATA/EVENTS (GMT) 0500 Japan Chain Store Sales YY Dec 0500 Japan Leading Indicator Revised Nov 0900 Germany Ifo Business Climate New Jan 0900 Germany Ifo Curr Conditions New Jan 0900 Germany Ifo Expectations New Jan 1100 France Unemp Class-A SA Dec (Reporting by Naveen Thukral)



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