Soybean futures continue to rise due to dry weather in South America

Chicago soybean futures rose slightly Tuesday on technical trading, keeping prices at multi-month highs as dry weather in South America continued to raise supply concerns.

Wheat prices fell, extending the losses of the previous session, due to disappointing exports, while corn also fell.

The most active soybean contract on the Chicago Stock Exchange ended up 0.35% to close at $ 13.67 a bushel, heading for a 10th consecutive session of earnings. Corn, meanwhile, fell 1.79% to 6.03 dollars a bushel.

Soybean and corn crops would be lower in southern Brazil this season as fields are suffering from drought, forecasters and consultants said. But parts of the central and southeastern parts of the South American giant may see “limited relief” from the rain later this week, the Commodity Weather Group said Tuesday.

Wheat fell 2.49% to $ 7.84 a bushel as traders pointed to disappointing inspections of US exports last week and a lack of competitiveness, particularly with Russia, despite export taxes.

The US Department of Agriculture said on Monday that 271,349 tons of US wheat were inspected for export last week, which was at the lower end of a series of trade estimates.

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