Soybeans rise to 3-week high on US crop woes, Chinese demand

Soybean futures in Chicago rose on Tuesday to their highest level since late July, according to Business Recorder, after a US government report pointed to weaker crop ratings. The benchmark contract traded on CBOT climbed 0.7% to $12.24-1/2 a bushel as of 0342 GMT, after reaching a peak last seen on July 27.

In a weekly report released Monday, the USDA trimmed its good-to-excellent ratings for corn and soybeans. About 60% of corn and 61% of soybeans were rated good to excellent as of Sunday, each lower by one percentage point compared with the prior week. Field scouts visiting major growing states on Monday said South Dakota's corn yield outlook and soybean pod numbers trail last year and the three-year average after a hot, dry season.

Wheat held steady while corn added 0.4% to $4.91-1/4 a bushel. Last week, traders told Reuters that China had bought roughly 7 million metric tons of US soybeans, and a Singapore-based oilseed trader said Chinese buying was likely to support prices. Weeks of ship attacks between Russia and Ukraine have reduced grain movements, including at Novorossiysk, Russia's main grain export hub.