Investing.com - U.S. soybean futures rose for the second consecutive session on Thursday, as ongoing indications of robust export demand underlined concerns over tightening supplies in the U.S.
On the Chicago Mercantile Exchange, U.S. soybeans for July delivery climbed 0.65%, or 9.78 cents to trade at $15.0738 a bushel during U.S. morning hours. The July soybean contract tacked on 0.6%, or 9.0 cents on Wednesday to settle at $14.9760 a bushel.
The U.S. Department of Agriculture said on Wednesday that private exporters had reported the sale of 110,000 tonnes of U.S. soybeans to China for delivery in the 2014/15 marketing year, which starts on September 1.
China is the world’s largest soybean consumer, accounting for nearly 60% of global trade of the oilseed.
Elsewhere on the CBOT, U.S. wheat for July delivery advanced 0.54%, or 3.48 cents to trade at $6.4288 a bushel as investors returned to the market to seek cheap valuations.
Wheat slumped to $6.3300 a bushel on Wednesday, the weakest since March 4, before paring losses to settle at $6.3860, down 0.35%, or 2.2 cents.
Wheat prices have been under heavy selling pressure ever since the USDA projected higher global supplies than analysts had expected earlier this month.
Meanwhile, U.S. corn for July delivery dipped 0.05%, or 0.23 cents to trade at $4.7138 a bushel. Prices fell to $4.6640 a bushel on Wednesday, the lowest since March 4, before turning higher to settle at $4.7240 a bushel, up 0.59%, or 2.6 cents.
Corn prices have been on a downward trend in recent weeks amid indications of rapid planting progress in the U.S. Midwest.
According to the USDA, nearly 88% of the U.S. corn crop was planted as of May 27, compared to 73% in the preceding week. The five-year average for this time of year is 88%.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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