(Reuters) - U.S. soybean futures edged higher on Tuesday as harvest delays in Brazil stoked concerns about short-term supply disruptions.
Corn was little changed, while wheat edged up for a second straight session.
The most-active soybean futures on the Chicago Board Of Trade were up 0.4% to $14.18 a bushel by 0545 GMT, having firmed 0.8% on Monday.
Analysts said soybeans were drawing support from concerns about worries about harvesting delays in Brazil, which could limit near-term supplies.
“The prompt market remains very tight,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
Brazilian farmers had harvested 78% of the area planted with the 2020/2021 soybean crop as of last Thursday, compared with 83% at the same point last year, agribusiness consultancy AgRural said on Monday.
Last week, Soybeans were supported by a shocking report from the U.S. Department of Agriculture that U.S. farmers plan to sow 87.6 million acres with soybeans this spring, well below market expectations.
The most-active corn futures were little changed at $5.53 a bushel, having closed down 1.2% in the previous session.
Analysts noted the USDA’s planting report, which was pegged at 2% complete, was below market expectations.
The most-active wheat futures were up 0.2% to $6.19-1/2 a bushel, having closed up 1.1% on Tuesday.
The USDA said on Monday that 53% of the U.S. winter wheat crop was rated good-to-excellent,
The ratings, the government’s first assessment of conditions since the crop emerged from its winter dormancy, were in line with market expectations for wheat.
(Reporting by Colin Packham; Editing by Amy Caren Daniel)
