PARIS/CANBERRA, Oct 16 (Reuters): Chicago corn and soybean futures edged higher on Wednesday, consolidating after multi-week lows in the previous session when forecast rain in Brazil and Argentina eased drought concerns.
Wheat futures eased further to a three-week low, with rain expected in parched Russian and US winter wheat belts also tempering supply worries.
A steadying in crude oil after a day-earlier slide, as investors assessed tepid demand and war developments in the Middle East, helped underpin corn and soybeans, which are partly used for making biofuel.
The most-active corn contract on the Chicago Board of Trade was up 0.5 per cent at $4.03-1/4 a bushel by 1131 GMT after holding the $4 floor during Tuesday's fall to a one-month low.
CBOT soybeans rose 0.7 per cent to $9.98-1/2 a bushel, recovering from Tuesday's 1-1/2 month low.
CBOT wheat was down 0.5 per cent at $5.76-1/2 a bushel, just off an earlier three-week low.
After a dry stretch that delayed early planting, major crop areas in South America have received good rains in recent days and forecasts predict more over the coming week.
In the central United States, dry weather has favoured harvesting of corn and soy crops. The corn harvest was 47% complete by Sunday and the soybean harvest was 67 per cent finished, data from the US Department of Agriculture showed on Tuesday, with both harvests ahead of the usual pace.
The lack of rain has raised concerns about wheat planting, but weather charts are predicting showers this week in part of the US Plains wheat belt.
In Russia, the world's biggest wheat-exporting country, the return of rain in drought-hit southern regions is seen facilitating planting.
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