By Kirk Maltais

--Soybeans for January delivery rose 1.4% to $11.69 3/4 a bushel, on the Chicago Board of Trade Tuesday, with rising soybean prices apparently not having an effect on world export demand.

--Corn for December delivery rose 1% to $4.20 1/4 a bushel.

--Wheat for December delivery fell 0.5% to $5.95 1/4 a bushel.

HIGHLIGHTS

New Heights: Soybean futures on the CBOT are at their highest level since June 2016, but that doesn't seem to be sating the world's appetite for U.S. soy, said AgResource. "Worrisome South American weather along with the lack of demand rationing has summer row crop prices pushing upwards," said the firm, adding that prices can push past their 2016 highs thanks to support from strong export demand for soybeans and related products like soyoil.

Vaccine Hopes: Reports of potential coronavirus vaccines, while lifting equity markets in recent sessions, has provided corn futures with support, said RJO Futures. This is because a vaccine would likely cause more vehicles to get back on the road - increasing gasoline consumption and, by extension, ethanol. However, news of resurging cases is bad news for corn, said RJO. "Traders are concerned that with virus cases spiking, ethanol stocks could continue to grow in the weekly update," said the firm.

INSIGHTS

Defying Doubters: The CFTC's delayed commitment of traders report that came out Monday afternoon suggests soybean futures are unlikely to drop soon. The report shows only a minor move in soybeans among managed money funds, a surprise according to Marex Spectron. "[It] leaves further room for them to add if we can push higher, something that the market did not expect," said the firm. The CFTC's report covered trading for the week ending November 10.

Wet Winter: The steady improvement of winter wheat in the U.S. is putting some pressure on CBOT wheat futures this week. According to the USDA's crop progress report, U.S. winter wheat condition registered at 46% good or excellent condition - which is up 1% from the previous week. Weather is expected to support a continued improvement in the wheat crop's condition. "U.S. winter wheat areas are expected to get more moisture over the next week, which is likely to limit buying interest," said Doug Bergman of RCM Alternatives.

AHEAD:

--The EIA releases its weekly update on ethanol production and inventories at 10:30 a.m. ET Wednesday.

--The USDA will release its latest weekly export sales numbers at 8:30 a.m. ET Thursday.

--The USDA will release its monthly livestock slaughter report at 3 p.m. ET Thursday.

Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

11-17-20 1535ET