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* Soybeans rose to their highest level since July 2016, through the third session
* Corn, wheat companies up 0.9% after closing slightly lower (add quote in paragraph 3, update prices)
SINGAPORE, 5 Nov. (Reuters) – Chicago soybean futures surged to highs in more than four years on Thursday, rising for a third consecutive session as dry weather in parts of South America and strong demand from China’s largest global importer have supported prices.
Corn gained more ground, while wheat rose after closing slightly lower in the previous session.
“China is actively buying beans and we are seeing the emergence of additional demand from Brazil,” said a Singapore-based trader. “The weather is not perfect for Brazil and the harvest is likely to be delayed due to the dry weather.”
The most active soybean contract on the Chicago Board of Trade rose 0.7% to $ 10.94 a bushel, at 0306 GMT, after rising to its July 2016 high at $ 10.95 a bushel at the start of session.
Corn added 0.6% to $ 4.07-1 / 2 a bushel and wheat increased 0.9% to $ 6.11-1 / 2 a bushel.
Parts of Brazil’s soybean-growing areas received rain this week, but other areas need moisture and La Nina’s climate remains a risk to crops across South America.
Traders also began looking forward to the US Department of Agriculture (USDA) supply / demand reports of November 10, which some analysts expect to show lower US soybean yields and rising export forecast.
According to analysts, US trailing corn stocks, currently forecast by the USDA at over 2.1 billion bushels, may also decline due to strong demand.
“China’s strong return to the US soybean market in recent months alone has driven US agricultural exports to the Asian country to new records, and the heavy forward shipping schedule bodes well for the promises outlined in the Phase trade deal. 1 between the two countries, ”wrote Karen Braun, a market analyst for Reuters in a column.
Most of Ukraine’s winter grain crops sown for the 2021 harvest are in good and satisfactory condition, analyst APK-Inform said Wednesday, citing forecasters.
On Wednesday, commodity funds were net buyers of CBOT soybean futures contracts, corn, soybean meal and soybean oil and net sellers of CBOT wheat futures contracts, traders said. (Reporting by Naveen Thukral; Editing by Rashmi Aich and Sherry Jacob-Phillips)
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