Soybeans hit 7-week high

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SINGAPORE- Chicago soybean futures climbed to a seven-week high on Monday with erratic weather in the world’s No. 1 exporter Brazil and demand for US cargoes underpinning the market.

There was additional support for soybeans from a weaker dollar which also lifted corn prices.

“There have been some issues with the Brazilian weather for soybean planting which is supporting prices,” said one Singapore-based trader. “And China’s demand for the next two months is likely to be strong.”

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The most-active soybean contract on the Chicago Board of Trade (CBOT) climbed 0.5 percent  to $13.59 a bushel, after reaching its highest since Sept. 15 at $13.59-1/4 a bushel earlier in the session.

Corn added 0.2 percent  to $4.78 a bushel while wheat lost 0.6 percent  to $5.69 a bushel.

The market is monitoring uneven crop weather in Brazil, where soybean planting is under way.

Dry conditions have been a concern in portions of leading soy-producing state Mato Grosso, while excessive rains have drenched southern areas.

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