SINGAPORE- Chicago corn and soybean futures gained more ground on Monday, building on last week’s rise as concerns over dry weather in the US Midwest drove prices higher.
Wheat climbed nearly 1 percent as slowing exports from the Black Sea region and lower output in China supported prices.
“I think corn and soybean markets are gathering weather concerns at present,” said Phin Ziebell, an agribusiness economist at National Australia Bank.
The most-active corn contract on the Chicago Board of Trade (CBOT) was up 0.7 percent at $5.17-3/4 a bushel after touching its highest since June 30 at $5.23 earlier in the day.
Soybeans climbed 0.8 percent to $13.81 a bushel, while wheat gained 0.9 percent to $6.67-1/4 a bushel, have risen earlier in the session to $6.71, the highest since July 6.
Concerns over dryness in the US Midwest also supported corn and soybean futures. The US corn crop is going through its key pollination phase and a lack of moisture could curb yields. – Reuters
