SYDNEY: US soybean futures edged higher on Thursday, rebounding from 2019 low touched in the previous session, though ample South American supplies and worries over Chinese demand capped gains.
The most active soybean futures on the Chicago Board Of Trade were up 0.1 percent at $8.79-1/2 a bushel, as of 0134 GMT, having closed down 1 percent on Wednesday when prices hit a low of $8.78-1/2 a bushel – the lowest since Dec 26.
The most active corn futures were unchanged at$3.58-1/4 a bushel, having closed down 1 percent in the previous session when prices hit a low of $3.56-3/4 a bushel – the lowest since April 9.
The most active wheat futures were unchanged at $4.47 a bushel, having closed up 0.4 percent on Wednesday.
Traders eye signs of fresh signs of progress in US trade talks with top global soy buyer China. Shipments of US soybeans to China sank last year after Beijing imposed tariffs on imports from the United States.
The United States and China have tentatively scheduled a fresh round of face-to-face trade talks, with negotiators aiming to hold a signing ceremony in late May or early June, according to the Wall Street Journal.
Argentina estimated its 2018-19 soy harvest at 55.9 million tonnes, up from a drought-reduced 37.78 million tonnes last year.
In Brazil, consultancy Celeres pegged the country's soybean crop at 115.8 million tonnes, up from its previous estimate of 113.8 million.
The euro was buoyant on Thursday after more evidence of strength in China improved the outlook for the global economy, with the market looking next to European indicators to provide the currency with a further boost.
Crude prices declined slightly on Wednesday as US government data showed inventories drew down less than an industry report had suggested on Tuesday.
US stocks ended slightly lower on Wednesday as a drop in healthcare shares overshadowed a string of positive corporate earnings and upbeat economic data from the United States and China.