The corn also finds support on weather fluctuations in South American fields, while wheat rallied as traders continued to count frost damage on the US plains.
The most active soybean contract on the Chicago Grain Exchange (CBOT) earns 0.8% at $549.03 per ton, holding below Tuesday’s six-month high.
Wheat in the CBOT market, on the other hand, fell 0.2% to u$s284.57 and corn rose 1.3% to u$s265.54.
The grain’s gains were limited when agricultural consultancy Sovecon raised its estimate for Russia’s wheat crop in the 2022/23 season to 101.2 million tonnes, from a previous forecast of 100.9 million tonnes.
Soybean futures continue to swing on South American weather models that forecast rain in Argentina’s arid growing region.
Meanwhile, the relaxation of sanitary restrictions in China has extended to food imports, as the country has lifted controls on imports of refrigerated and frozen food from January 8.
However, there was also caution in financial markets about the near-term impact of China’s COVID policy change, with a surge in infections putting pressure on hospitals and prompting some countries to consider new rules for Chinese visitors.
Source: Ambito
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