SINGAPORE, Dec 3 (Reuters) -Chicago soybean futures inched higher on Tuesday, with bargain buying supporting prices, although the upside in prices was limited by expectations of an all-time high crop in top exporter Brazil..
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 added 0.2% to $9.87-1/2 a bushel, as of 0108 GMT, after closing down in the previous session.
* Benevolent weather and use of quality farm inputs such as seeds, fertilizers and chemicals will help Brazilian soybean growers reap an enormous crop in the 2024/25 season, according to agribusiness consultancies Celeres and StoneX on Monday.
* The country's output is likely to reach 170.8 million metric tons, almost 1 million tons more than in a previous forecast, Celeres said. StoneX said Brazil will reap 166.2 million tons this season.
* Recent rains across Argentina's agricultural heartland have brought much-needed moisture to the soil as the planting of corn and soybeans are underway, Rosario's grains exchange reported on Monday.
* Large speculators switched to a net short position in Chicago Board of Trade corn futures in the week to Nov. 26, regulatory data released on Monday showed.
* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and increased their net short position in soybeans.
MARKET NEWS
* Stocks in the U.S. and Europe were mixed on Monday, while the dollar gained versus the euro, amid political turmoil in France and positive signals for the U.S. economy.
