Investing.com - U.S. grain futures were higher during European
morning hours on Monday, with soybean prices rising to the highest
level since early December amid concerns over crop conditions in
On the Chicago Mercantile Exchange, soybeans futures for March
delivery traded at USD14.8912 a bushel, up 1% on the day.
The March contract rose by as much as 1.1% earlier in the day to
hit a session high of USD14.8988 a bushel, the strongest level
since December 18.
Soy prices were boosted as market players continued to monitor
weather forecasts and crop conditions in Argentina.
Industry weather group DTN said earlier that another extended
period of dry weather with hot temperatures was expected to descend
across key grain-growing regions in Argentina.
Argentina is a major soybean exporter and competes with the U.S.
for business on the global market. Downbeat crop prospects in the
South American country could increase demand for U.S. supplies.
Concerns that heavy rain in the next several days could delay
soybean harvesting in parts of Brazil also lent support to prices.
Meanwhile, corn futures for March delivery traded at USD7.4038 a
bushel, up 0.6% on the day. The March contract held in a tight
trading range between USD7.3612 a bushel, the daily low and a
session high of USD7.4088 a bushel.
Corn prices tracked gains in soybeans, as investors continue to
closely monitor corn crop prospects in South America.
Agricultural meteorologists predicted mostly hot and dry weather in
key grain-growing regions across Argentina for the next five days,
potentially threatening yields and reducing the quality of the
Elsewhere, wheat for March delivery traded at USD7.7250 a bushel,
up 0.95%. The March contract rose by as much as 1.2% earlier to hit
a daily high of USD7.7338 a bushel.
Wheat prices were boosted by a lower estimate of Argentine wheat
production and higher prices for corn and soybeans.
According to a U.S. Department of Agriculture estimate, Argentina's
recently completed wheat harvest totaled 10.3 million metric tons
of the grain, below the agency's most recent forecast of 11 million
Wheat traders continued to monitor weather forecasts for key parts
of Kansas and Texas, where prolonged dryness threatens now-dormant
winter wheat crops. Kansas is the largest U.S. wheat grower while
Texas is the fourth-largest.
Corn is the biggest U.S. crop, followed by soybeans, government
figures show. Wheat was fourth, behind hay.
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