SINGAPORE- Chicago soybeans rose for a second session on Thursday to hit a two-month high, as excessive rains in Argentina raised worries over supplies and triggered short covering.
Wheat rose for a third session in four and corn bounced back.
“Beans seem to be the main driver at the moment because of Argentina’s storms,” said Andrey Sizov, managing director at agricultural consultancy SovEcon.
“The funds were already in short-covering mode and the weather disruption seemed to speed things up substantially. Looks like some funds were caught off guard.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.9 percent at $12.20-3/4 a bushel, after climbing to its highest since Jan. 26 at $12.26-3/4 a bushel, earlier in the session.
Wheat gained 1 percent to $5.50-1/2 a bushel and corn climbed 1.3 percent to $4.44-3/4 a bushel.
