Grains higher; Soybeans hit 4-week top on U.S. weather concerns
Investing.com
Published Aug 19, 2013 05:59AM ET
On the Chicago Mercantile Exchange, soybeans futures for September delivery traded at USD13.0163 a bushel, up 1.4%. September futures rose to a session high of USD13.0988 a bushel earlier in the day, the strongest level since July 26.
The September contract settled down 0.4% at USD12.8320 a bushel on Friday. September soy prices rallied 4.95% last week, the biggest advance since July 2012.
The more active November contract was up 1.45% at USD12.7740 a bushel, after ending 0.45% lower on Friday.
Prices were higher amid ongoing concerns over hot and dry weather conditions forecast for most parts of the U.S. Midwest during the next few days.
Rainfall expected over the weekend disappointed market players, fuelling concerns over potential U.S. crop damage.
Elsewhere on the CBOT, corn futures for September delivery traded at USD4.8325 a bushel, up 2.05%. Prices hit a session high of USD4.8588 a bushel earlier in the day, the strongest level since August 2.
The September corn contract settled down 1.6% at USD4.7360 a bushel on Friday. September corn prices advanced 1.9% last week.
The more actively-traded December contract was up 2% at USD4.7260 a bushel, after tumbling 1.85% on Friday.
Meanwhile, wheat for September delivery traded at USD6.3775 a bushel, up 1.1%. Futures rose hit a session high of USD6.4213 a bushel earlier, the strongest level since August 13.
The September contract settled down 1% at USD6.3100 a bushel on Friday.
The more active December contract was up 1.05% at USD6.5020 a bushel, after falling 0.9% on Friday.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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Written By: Investing.com
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