Grains higher; Soybeans rally 3% on dry U.S. weather conditions
Investing.com
Published Sep 03, 2013 06:16AM ET
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD14.0263 a bushel, up 3.3%. The November contract settled 0.8% lower at USD13.5740 a bushel on Friday.
Prices of the oilseed rose by as much as 3.4% earlier in the session to hit a daily high of USD14.0338 a bushel.
Floor trading on the Chicago Mercantile Exchange was closed Monday for the Labor Day holiday.
Updated weather forecasting models pointed to warm and dry weather across major soy-growing states in the Midwest during the next three-to-five-days, fuelling concerns over potential crop damage.
Agricultural traders pay close attention to the weather because farmers need favorable conditions to grow large crops to replenish low inventories.
Elsewhere on the CBOT, corn futures for December delivery traded at USD4.8963 a bushel, up 1.5%. The December corn contract ended 0.1% higher at USD4.8200 a bushel on Friday.
Corn futures have been well-supported in recent sessions amid growing concerns over potential crop damage in the U.S.
Meanwhile, wheat for December delivery traded at USD6.5825 a bushel, 0.65% higher. The December contract ended little changed at USD6.5400 a bushel 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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