SINGAPORE- Chicago soybean futures rose more than 1 percent on Monday, gaining for a seventh consecutive session as dry weather in key suppliers Brazil and Argentina stoked supply concerns.
Corn rose to its highest since July 2019, while wheat gained for a second straight session.
“Chinese buying has been really strong and we have dry weather issues in South America,” said Phin Ziebell, an agribusiness economist at National Australia Bank.
The most-active soybean contract on the Chicago Board Of Trade (CBOT) rose 1.1 percent to $11.94-1/2 a bushel, not far from the session high of $12.00 a bushel, the highest since June 2016.
Corn gained 1.5 percent at $4.34-3/4 a bushel, after climbing to its highest since July last year at $4.35 a bushel. Wheat rose 1.1 percent to $6.06 a bushel.
Argentine soy planting advanced sharply over the past week after rains in key drought-hit areas, the Buenos Aires Grains Exchange said on Thursday, though much of the country remained dry.