Investing.com - U.S. soybean futures rallied to a four-week high on Thursday, as ongoing concerns over tight supplies in the U.S. lifted prices.
Market players also looked ahead of the U.S. Department of Agriculture’s weekly export report later in the session to gauge the strength of global demand for U.S. supplies.
On the Chicago Mercantile Exchange, U.S. soybeans for July delivery rose to a session high of $15.2263 a bushel, the most since April 21, before trimming gains to trade at $15.2038 during U.S. morning hours, up 0.95%, or 14.38 cents.
The July soybean contract surged 2.42%, or 35.4 cents on Wednesday to settle at $15.0520 a bushel.
Soybeans have been well-supported in recent sessions amid concerns over tightening U.S. supplies due to robust export demand.
Meanwhile, U.S. corn for July delivery hit a session low of $4.7240 a bushel earlier in the day, the weakest level since March 4, before turning modestly higher to trade at $4.7688 a bushel, up 0.35%, or 1.68 cents.
The July corn contract eased up 0.21%, or 1.0 cent, on Wednesday to settle at $4.7440 a bushel.
Corn prices have been under pressure in recent weeks amid ongoing expectations of rapid planting progress in the US Midwest.
According to the USDA, nearly 73% of the U.S. corn crop was planted as of last week, up from 59% in the preceding week, as beneficial weather aided farmers.
Elsewhere on the CBOT, U.S. wheat for July delivery picked up 0.44% or 2.92 cents to trade at $6.6713 a bushel. Wheat fell to $6.6300 a bushel on Wednesday, the lowest since April 22, before settling at $6.6420, down 0.93%, or 6.2 cents.
Wheat prices have been on a downward trend ever since the USDA projected higher global supplies than analysts had expected earlier this month.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.