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Bargain-buying supports Chicago soybean futures
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Much-needed rains in seen limiting decline in soybean yields
SINGAPORE, Jan 25 (Reuters) - Chicago soybean futures rose for the first time in six sessions on Wednesday, although beneficial rains across Argentina's crop belt limited the upside potential in prices.
Wheat and corn prices rose for a second session.
"Traders believe the soybean crop can recover more significantly from head and drought...," commodities research firm Hightower said in a report.
The most-active soybean contract on the Chicago Board of Trade rose 0.1% to $14.89-3/4 a bushel, as of 0359 GMT. Wheat added 1.1% to $7.42-1/2 a bushel and corn gained 0.4% at $6.80 a bushel.
More rain is expected across Argentina in the coming week, after the country's drought-hit farms received widespread rains this week, preventing further damage to the crop.
Wheat rose on bargain-buying, having dropped to a 16-month earlier this week. Precipitation across the U.S. Plains has recharged soil moisture for drought-affected parts of the winter wheat crop.
Commodity funds were net buyers of CBOT corn and wheat futures contracts on Tuesday, and net sellers of soybeans, soymeal and soyoil futures, traders said. (Reporting by Naveen Thukral; Editing by Rashmi Aich)
