South American weather boost CBOT corn

CHICAGO: Chicago Board of Trade corn and soybean futures rallied early on Monday on concerns that hot and dry weather would cut crop yields in Brazil and Argentina, traders said.

Wheat futures also rose, following the strength in corn. Soybean prices hit their highest level in 3-1/2 weeks and corn hit its highest level in more than two weeks in early trading.

At 9:37 a.m. CST (1537 GMT), CBOT March corn was up 14 cents at $5.97 a bushel. CBOT January soybeans were up 16 cents at $11.46 a bushel and CBOT March wheat was up 13-1/4 cents at $5.97 a bushel.