Chicago Board Of Trade’s most active soybean contract rose 0.1% to $ 9.04-3 / 4 a bushel at 0411 GMT, after firming 0.3% on Tuesday when prices rose reached 9.08 a bushel, their highest since January 24. .
Wheat futures fell 0.4% to $ 5.25-1 / 4 a bushel, dropping for the fifth of six sessions due to higher supply forecasts.
Corn fell slightly 0.1% to $ 3.81 a bushel.
The US Federal Reserve cut interest rates on Tuesday in an emergency measure designed to protect the world’s largest economy from the coronavirus epidemic, which began in China at the end of last year and has since disrupted global supply chains, travel and production.
The Australian central bank was one of the first in the world to cut rates in response to the viral threat, and South Korea has announced an 11.7 trillion won fiscal stimulus package.
Indonesia has promised direct intervention to stabilize its financial markets, while other central banks are also expected to announce similar measures.
Technically, soybeans could earn more in the range of $ 9.16-1 / 2 to $ 9.24-1 / 2, which is formed by the projection levels of 138.2% and 161.8 % of a rising wave c, according to Wang Tao, Reuters analyst for technical raw materials.
Brazil is expected to harvest a record 124.2 million tonnes of soybeans in the 2019/20 season, agribusiness consultancy INTL FCStone estimated on Tuesday, raising an earlier forecast of 200,000 tonnes.
The review comes despite losses in Rio Grande do Sul, one of Brazil’s largest producers and the southernmost state in the country, where bad weather has caused a poor harvest, said INTL FCStone.
Argentina plans to raise taxes on exports of soybeans, soybean oil and soybean meal to 33% from 30% today, the agriculture ministry said on Tuesday as the government s was preparing to increase revenues before the planned restructuring of sovereign bonds.
In the wheat market, expectations of increased production in Australia have come under pressure.
Leading Australian commodity forecaster forecasts a 40.4% increase in wheat production this year, saying the recent heavy rains should encourage farmers to plant more grain.
Commodity funds were net buyers of corn, wheat, soybean, soybean meal and CBOT soybean oil futures on Tuesday, traders said.