* Soybeans rose to their highest since July 2016, rising for the 3rd session
* Corn company, wheat rose 0.9% after closing slightly lower (Adding quote in paragraph 3, updating prices)
SINGAPORE, Nov 5 (Reuters) – Soybean prices in Chicago soared to their highest level in more than four years on Thursday, rising for the third straight session, due to dry weather in parts of South America and strong demand from the world’s biggest importer, China, support prices.
Corn gained more, while wheat rose after closing slightly lower in the previous session.
“China is actively buying coffee beans and we are seeing additional demand emerge from Brazil,” said one Singapore-based trader. “The weather isn’t perfect for Brazil and the harvest will likely be delayed due to dry weather.”
The Chicago Board of Trade’s most active soybean contract was up 0.7% at $ 10.94 per bushel, at 0306 GMT, after rising to its highest level since July 2016 at $ 10.95 per bushel earlier in the session.
Corn added 0.6% to $ 4.07-1 / 2 per bushel and wheat increased 0.9% to $ 6.11-1 / 2 per bushel.
Parts of Brazil’s soy growing region have received rain this week, but other areas need humidity, and La Niña weather patterns remain a risk to crops across South America.
Traders have also started looking ahead to the November 10 supply / demand report from the US Department of Agriculture (USDA), which some analysts expect will show a decline in US soybean yields and an increase in export forecasts.
US final corn stocks, currently projected by the USDA to be more than 2.1 billion bushels, could also fall on rapid demand, analysts said.
“China’s strong return to the US soybean market in recent months has lifted US agricultural exports to Asian economies to new records, and the busy delivery schedule bodes well for the promises outlined in the Phase 1 trade agreement between the two countries. , ”Wrote Karen Braun, market analyst for Reuters, in a column.
Most of Ukraine’s winter grain crops grown for the 2021 harvest are in good and satisfactory condition, APK-Inform analysts said on Wednesday, citing weather forecasters.
Commodity funds are net buyers of CBOT soybean, corn, soymeal and soybean futures on Wednesday, and net sellers of CBOT wheat futures, traders said. (Reporting by Naveen Thukral; Editing by Rashmi Aich and Sherry Jacob-Phillips)