SYDNEY: US soybeans jumped 3 percent and corn rose 2 percent on Tuesday as updated forecasts predicted hot, dry weather across the US Midwest, raising the threat of yield loss.
FUNDAMENTALS
* Chicago Board of Trade November soybeans rose 2.97 percent to $13.97-3/4 a bushel, having closed down 0.8 percent on Friday. US markets were closed on Monday for the Labor Day holiday.
* December corn climbed 2.13 percent to $4.92-1/4 a bushel, having closed little changed in the previous session.
* December wheat gained 1 percent to $6.60-1/2 a bushel, having closed steady the session before.
* Updated weather models forecast hot, dry weather across much of the US Midwest, threatening crop yields, analysts said.
* Traders are closely following weather forecasts because soybeans are in a critical stage of development and a large harvest is needed to replenish inventories that are estimated at a nine-year low.
* Private exporters reported the sale of 110,000 tonnes of US soybeans to China for delivery in the new marketing year, the US Department of Agriculture said on Friday.
MARKET NEWS
* The safe-haven yen started Asian trade at one-month lows against the dollar on Tuesday, having fallen broadly as fresh signs of a pickup in global manufacturing activity helped lift risk appetite.
* Benchmark Brent crude oil prices eked out a small gain on Monday, reversing a deep early slide amid upbeat economic data, North Sea output woes and a new French report on Syria's use of chemical weapons.
* US stock index futures rose on Sunday, a day after US President Barack Obama opted to seek congressional authorization for military action against Syria, a move that was likely to delay any strike for at least nine days.
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