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BEIJING- Chicago soybean futures extended gains on Monday, rising for a fifth consecutive session, as likely dry South American weather is expected to hit production.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.2 percent at $12.88 per bushel on Monday. It had earlier hit a three-month top of $12.98 per bushel on Friday.
The Buenos Aires grains exchange said last week that Argentina’s central farm belt was set for very high temperatures in the coming days, followed by moderate to heavy rains.
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This comes after it warned recently about the impact of the likely dry weather on soybean and corn production, with lower-than-normal rainfall due to the La Niña climate pattern expected during the region’s summer.
