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Grain futures - Soybeans rise to 7-day high on improving demand

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Investing.com - U.S. grain futures were mostly higher during European morning hours on Tuesday, with soybean prices trading close to a two-week high amid indications of strong demand for U.S. supplies.

On the Chicago Mercantile Exchange, soybeans futures for May delivery traded at USD14.6750 a bushel, up 0.35% on the day.

The May contract rose by as much as 0.5% earlier in the day to hit a session high of USD14.6888 a bushel, the strongest level since February 22.

Soy prices were higher after the U.S. Department of Agriculture said Monday that approximately 40.3 million bushels of the oil seed were inspected for export delivery in the week ended February 28, exceeding the four-week average of 27.3 million bushel.

Meanwhile, corn futures for May delivery traded at USD7.0588 a bushel, up 0.35% on the day. The May contract held in a tight trading range between USD7.0288 a bushel, the daily low and a session high of USD7.0750 a bushel.

Corn prices rose to a four-week high of USD7.1262 a bushel on Monday amid indications of limited domestic supplies of the grain and growing export demand for U.S. supplies.

The USDA said Monday that 15.7 million bushels of corn were inspected for export delivery last week, compared with the four-week average of 12.8 million bushels.

Elsewhere, wheat for May delivery traded at USD7.0475 a bushel, up 0.3% on the day. The May contract was stuck in a tight trading range between USD7.0138 a bushel, the daily low and session high of USD7.0688 a bushel.

Wheat prices slumped to an eight-month low of USD6.9787 a bushel on Monday, amid receding concerns over winter-wheat crop conditions in the U.S. Great Plains-region.

Weather service provider MDA EarthSat said Monday that warming temperatures in the area are melting piles of snow that accumulated during two blizzards in late February.

Wheat traders have been closely monitoring weather and crop conditions in the Great Plains-region, where prolonged dryness threatens dormant winter wheat crops.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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