SINGAPORE- Chicago soybean futures climbed for a fifth consecutive session on Wednesday to trade near the previous session’s one-week top, as rising edible oil demand underpinned the market.
Wheat gained ground after closing largely unchanged on Tuesday, as tightening global supplies supported prices.
“There is more upside potential in prices, given the gains in the crude oil market and overall consumption,” said Phin Ziebell, an agribusiness economist at National Australia Bank in Melbourne.
The most-active soybean contract on the Chicago Board Of Trade (CBOT) added 0.1 percent at $12.29-3/4 a bushel by 0326 GMT, having firmed 0.5 percent on Tuesday when prices hit an Oct. 11 high of $12.39-1/4 a bushel.
Wheat added 0.5 percent to $7.39-1/2 a bushel and corn lost 0.1 percent to $5.29-3/4 a bushel. – Reuters
