By Jesse Newman 
 
 

CHICAGO--U.S. soybean futures extended gains in early trading Tuesday amid ongoing speculation over significant crop losses in Argentina. Wheat also rose while corn declined.

Soybean prices advanced after notching a nearly nine-month high in the previous session as analysts continued trimming their estimates for Argentina's oilseed crop, which has been besieged by excess rain and flooding. One analyst recently projected the Argentine crop had lost nine million metric tons of soybeans, which could significantly reduce world supplies, analysts said.

Worries over damage to the South American crop last month prompted a prolonged bout of buying by commodity funds, although drier weather has recently allowed farmers in Argentina to resume harvest activity, quieting fund activity somewhat.

Soybean futures for May delivery climbed 5 1/4 cents, or 0.5%, to $10.40 3/4 a bushel at the Chicago Board of Trade.

CBOT May corn shed 3/4 cent, or 0.2%, to $3.89 1/2 a bushel. CBOT May wheat added 1 3/4 cents, or 0.4%, to $4.78 3/4 a bushel.

 

Write to Jesse Newman at jesse.newman@wsj.com

 

(END) Dow Jones Newswires

May 03, 2016 09:48 ET (13:48 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.