US wheat futures jumped more than 4 percent on Monday as dry weather threatened crop prospects in top producing nations, including the United States. Wheat led grains markets higher even as the dollar soared 1 percent, and crude oil tumbled more than 2 percent after S&P downgraded the US credit outlook to negative.
Corn rebounded from a weak opening, climbing 1 percent on worries that wet weather in the US Midwest would delay planting at a time when US supplies are the tightest since the 1930s. Soyabeans followed corn higher. Chicago Board of Trade May wheat rose 4.5 percent to $7.77-3/4 a bushel by 11:38 am CST (1638 GMT), the largest percentage gain this month. May hard red winter wheat on the Kansas City Board of Trade added 4.1 percent to $9.00-3/4 a bushel.
CBOT May corn rose 1 percent to $7.49-1/4 a bushel while new-crop December corn jumped 1.6 percent to $6.66-1/2, supported by the planting delays. CBOT May soybeans rose 0.4 percent to $13.37-1/4 a bushel, with gains lessened by ideas that some unplanted corn acres could be shifted to soybean production.
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