Soy price up to 7-month top as Brazil crop estimates shrink

The Lunar New Year holiday in China and other Asian countries was curbing international oilseed demand, traders said. Nonetheless, the U.S. Department of Agriculture confirmed private sales of 132,000 tonnes of U.S. soybeans to China along with 110,000 tonnes of U.S. corn to Mexico. (File pic shows Soyabean export from Brazil to China. - Reuters)

CHICAGO: U.S. soybean futures rose to a seven-month high Tuesday on fears that a smaller-than-expected Brazilian harvest will tighten global soy stocks and steer export demand to U.S. supplies, analysts said.

Corn futures followed soybeans higher and wheat firmed on bargain-buying after a 3% dip a day earlier. The grains also drew support from geopolitical risks to supplies from Black Sea exporters Russia and Ukraine.