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Soybeans, Corn Firm as Virus Fears Ease

Delays in Brazil's soybean harvest added support

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US soybean and grain futures inched higher on Tuesday, supported by broad strength in equity markets following losses sparked by a coronavirus outbreak in China, analysts said.

According to a report at Reuters, worries about harvest delays in Brazil's soybean areas added support.

"With pandemic fears abating regarding the coronavirus, the trade is anticipating more aggressive Chinese buying of US ag commodities beyond their current purchase program in soybeans, which could fuel further price strength in CBOT wheat, corn and soybean futures," Dan Cekander, president of DC Analysis, wrote in a client note.

Rains in northern Brazil, the world's largest soybean exporter, were forecast to linger next week, although the pace of harvest has been near normal so far.

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