SYDNEY, Aug 11 (Reuters) – U.S. soybeans edged higher on Thursday, but gains were curbed as forecasts for favourable weather across the U.S. Midwest stoked the outlook for supply.
Corn inched up, while wheat extended two-day gains to nearly 1.5 percent.
The most active soybean futures on the Chicago Board of Trade Sv1 rose 0.46 percent to $9.86-3/4 a bushel, having closed down 0.58 percent on Wednesday.
But analysts said gains may prove short-lived as rains are expected across the largest growing region in the United States for the rest of the week, and also due to preparations for a widely watched U.S. government report on Friday.
“We expect there was also some pressure from the usual reshuffling as investors unwind positions in the lead up to the (U.S. Department of Agriculture) report,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
Soybeans had risen for five consecutive session prior to Wednesday, drawing support from strong export demand for U.S. supplies.
The USDA through its daily reporting system confirmed sales of U.S. soybeans in each of the previous 10 trading sessions, although no new soy sales were reported on Wednesday.
The most active corn futures Cv1 rose 0.23 percent to $3.33-3/4 a bushel, having gained 0.15 percent in the previous session.
Most analysts surveyed by Reuters expect the USDA to raise its forecast of the U.S. 2016/17 corn yield from its current figure of 168.0 bushels per acre.
The most active wheat futures Wv1 climbed 0.24 percent to $4.22-3/4 a bushel, having closed up 1.1 percent on Wednesday.
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