CHICAGO, Oct 5 (Reuters) - U.S. soybean futures rose 1.3% on
Tuesday as a rally in the energy market boosted demand for
soy-based biofuels, traders said.
Wheat futures were down on profit-taking after three
straight days of gains pushed the market to its highest since
mid-August. The wheat weakness dragged corn lower.
Soybeans were led higher by soyoil, which ended up 3.9% and
has risen for 10 of the last 11 trading sessions.
"Traders are focused on energies and that is helping out
bean oil," said Terry Reilly, senior analyst with Futures
International in Chicago.
Oil prices jumped on Tuesday, with Brent futures touching a
three-year high, while U.S. crude hit its highest since 2014
after the OPEC+ group of producers stuck to its planned output
increase rather than pumping even more crude.
Chicago Board of Trade November soybean futures were
up 15-3/4 cents at $12.51-1/2 a bushel. CBOT December soyoil
was up 2.31 cents at 61.14 cents per lb.
CBOT December corn futures were down 3-1/4 cents at
$5.37-1/2 a bushel.
A fast pace of harvest in the U.S. Midwest was hanging over
The U.S. Agriculture Department estimated on Monday
afternoon that corn harvest was 29% complete, ahead of the
five-year average of 22% and in line with market expectations.
"The arrival of these new supplies is putting some pressure
on prices," consultancy Agritel said in a note.
Private analytics firm IHS Markit Agribusiness estimated
U.S. 2021 corn production at 15.085 billion bushels, above the
USDA's forecast for 14.996 billion.
CBOT December wheat was off 11-3/4 cents at $7.44-3/4
Rains in key U.S. growing areas improved prospects for
recently seeded winter wheat, adding pressure on the futures
market, Reilly said.
The USDA said that 47% of the winter wheat crop was planted,
1 percentage point ahead of the five-year average.
(Additional reporting by Gus Trompiz in Paris and Naveen
Thukral in Singapore; Editing by Emelia Sithole-Matarise and