Loading soybeans in Mato Grosso

Christopher Waljasper

CHICAGO (Reuters) – Soybean futures edged higher in Chicago trading on Thursday on strong U.S. export demand, pushing oilseed prices to near a three-month high.

Wheat fell even after rebounding to a yearly low on Wednesday, although prices continued to be held back by competition from record deliveries from Russia. Corn has followed soybeans on the rise.

Movements in the grain market were limited as traders awaited the US Department of Agriculture’s (USDA) monthly global harvest forecasts due on Friday.

The most active soybean contract on the Chicago Mercantile Exchange (CBOT) rose 14.25 cents to $14.8625 a bushel after rising to 14.9225, the highest level since September 13.

Wheat fell 3.25 cents to $7.4625 a bushel, while corn edged up 1.25 cents to $6.4225 a bushel.

US exporters reported Thursday morning selling 118,000 tons of soybeans to China and 718,000 tons of soybeans to destinations unknown for delivery in the 2022/23 marketing year.

This is the third daily soybean sale to China this week reported by U.S. exporters, raising hopes that the easing of China’s Covid-19 lockdown will boost demand for U.S. goods.

“We used a lot of momentum to get this done and it was great to see confirmation of those sales,” said Chuck Shelby, president of Risk Management Commodities. “The weather in Argentina is likely to dictate the direction the day after tomorrow.”

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