By Benjamin Parkin 
 

Corn and soybean futures inched higher for a third consecutive session on Wednesday.

September-dated corn contracts rose 0.3%, to $3.47 1/4 a bushel, at the Chicago Board of Trade, while August soybeans added 0.3%, to $8.42 1/4 a bushel.

Analysts said there was little to spark buying interest, but both markets were correcting after falling sharply in recent weeks. Prices for soybeans fell near 10-year lows this month, while corn traded at the lowest point in almost a year.

Much of the selling was sparked by concerns about U.S. trade disputes with China and Mexico, which have targeted American agricultural goods with tariffs.

But signs this week that hot U.S. weather had taken a toll on crops supported prices, along with a pause in recent trade-related developments. The U.S. Department of Agriculture said on Monday that the condition of growing corn and soybeans fell more than expected last week.

Meanwhile, some traders were parsing signs that prices had fallen low enough to attract bargain hunters from around the world. The USDA said that exporters sold almost 200,000 metric tons of soybeans to Pakistan for delivery in 2018-19.

Though sales to China--the U.S.'s largest customer--have dropped off, other countries are buying more American soybeans. Analysts are looking to see whether that will be enough to bolster prices longer term.

CBOT September wheat futures fell 0.7%, to $4.94 1/2 a bushel.

Write to Benjamin Parkin at benjamin.parkin@wsj.com

(END) Dow Jones Newswires

July 18, 2018 16:51 ET (20:51 GMT)