SINGAPORE- Chicago soybean futures gained more ground on Monday, rising for four out five sessions as concerns over dry weather in South America and strong Chinese demand kept prices close to a four-year high.
Corn fell for a second straight session while wheat edged higher.
“Chinese soybean imports have been strong in recent months,” said Phin Ziebell, an agribusiness economist at National Australia Bank.
“Demand has picked up as China is rebuilding its pig herd.”
The most-active soybean contract on the Chicago Board Of Trade (CBOT) was up 0.4 percent at $11.05-1/2 a bushel, after closing down 0.2 percent on Friday.
Soybeans hit a July 2016 high last week at $11.12-3/4 a bushel.
Corn was down 0.4 percent at $4.05 a bushel, after ending 0.6 percent lower in the previous session and wheat added 0.2 percent at $6.03-1/4 a bushel, after closing down 1.2 percent on Friday.