CHICAGO, Oct 5 (Reuters) - U.S. soybean futures rose 1.1% on Tuesday, as a rally in the energy market boosted demand for soy-based biofuels, traders said.
Wheat futures were down on profit-taking after three straight days of gains pushed the market to its highest since mid-August. The weakness in wheat dragged corn into negative territory.
Soybeans were being led higher by soyoil, which was up 3.4% and has risen for 10 of the last 11 trading sessions.
"Traders are focused on energies and that is helping out bean oil," said Terry Reilly, senior analyst with Futures International in Chicago.
Oil prices jumped 2% on Tuesday, with Brent futures hitting a three-year high while U.S. crude hit its highest since 2014 after the OPEC+ group of producers stuck to its planned output increase rather than pumping even more crude.
At 11:20 a.m. CDT (1620 GMT), Chicago Board of Trade November soybean futures were up 13-1/4 cents at $12.49 a bushel. CBOT December soyoil was up 1.78 cents at 60.61 cents per lb.
CBOT December corn futures were down 1-3/4 cent at $5.39 a bushel.
A fast pace of harvest in the U.S. Midwest was hanging over the market.
The U.S. Agriculture Department on Monday afternoon estimated that corn harvest was 29% complete, ahead of the five-year average of 22% and in line with market expectations.
"The arrival of these new supplies is putting some pressure on prices," consultancy Agritel said in a note.
CBOT December wheat was off 8-1/2 cents at $7.48 a bushel.
Recent rains in key U.S. growing areas improved prospects for recently seeded winter wheat, adding pressure on the futures market, Reilly said.
USDA said that farmers had planted 47% of their winter wheat crop, 1 percentage point ahead of the five-year average for early October. (Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Emelia Sithole-Matarise)
