Corn posts biggest monthly gain

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    SINGAPORE- Chicago corn futures gained more ground on Monday and were poised for their biggest monthly rise since mid-2019, as dry weather in parts of the US Midwest is expected to reduce production.

    Soybeans rose 1.5 percent to hit a more than two-year high and were on track for a third monthly gain, while the wheat market was set to finish August on a positive note.

    “Warm and dry conditions in some of the US Midwest continue to give the market a bias higher,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. “US export sales though need to continue to validate these higher price levels.”