Tuesday, 30 August 2011 01:44
CHICAGO: US soybean futures rose 2 percent on Monday, supported by concerns that dry weather in the US Midwest will push this year's harvest below expectations.
"This is the time of the year that beans need the rain to put on the pods and fatten up the ones that are there already," said Jerod Leman, a broker with Wellington Commodities Corp in Indiana.
New crop corn futures hit a contract high during overnight Globex trading but prices closed near session lows amid a late round of soybean/corn spreading. Corn demand from the livestock and ethanol sectors remained robust despite the strong prices.
The front-month soybean contract, which enters delivery later this week, hit its highest level in more than six months and corn's nearby contract was at its highest point since mid June.
"There is more fund money coming in, everyone is still concerned about the yields and beans need some rain," said Paul ...