Investing.com - U.S. corn and soybean futures edged higher on Tuesday, as a slowdown in the U.S. harvest due to rains in the Midwest supported prices.
On the Chicago Mercantile Exchange, U.S. corn for December delivery rose to a session high of $3.4940 a bushel, a level not seen since September 16.
Prices last traded at $3.4612 during U.S. morning hours, up 0.12 cents, or 0.05%.
A day earlier, corn futures surged 12.0 cents, or 3.59%, to end at $3.4600.
Meanwhile, U.S. soybeans for November delivery hit a daily peak of $9.6000 a bushel, the most since September 19, before paring gains to last trade at $9.5113, up 5.93 cents, or 0.63%,
Prices of the oilseed rallied 22.6 cents, or 2.47%, to settle at $9.4520 a bushel on Monday.
Updated weather-forecasting models called for wet weather across the Midwest, which was expected to slow harvesting of a record soybean and corn crop.
The U.S. Department of Agriculture said on October 6 that nearly 17% of the U.S. corn harvest was completed, below the five-year average of 32% for this time of year.
According to the agency, approximately 20% of the U.S. soy harvest was completed, below the five-year average of 35% for this time of year.
The agency is scheduled to release its crop progress report later Tuesday, one day later than usual due to Monday's Columbus Day U.S. federal holiday.
Elsewhere on the CBOT, U.S. wheat for December delivery shed 3.23 cents, or 0.64%, to trade at $5.0238 a bushel.
Wheat prices jumped 6.6 cents, or 1.35%, on Monday to settle at $5.0520.
The USDA said on October 10 that global wheat inventories at the end of the 2014-15 season will total 192.59 million metric tons, down 1.9% from a forecast of 196.38 million projected in September.
U.S. ending stocks were forecast at 654 million bushels, down from a previous estimate of 698 million.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.