Soybean and corn futures on the Chicago Board of Trade surged more than 1.5 percent on Monday on continued concerns about dry weather in the US Midwest, traders said. July soyabeans in after-hours electronic trade on the Chicago Board of Trade were up 13 cents at $8.60-1/4 per bushel, after hitting $8.63.
Weather woes also lifted corn prices to $4.26-3/4 per bushel, up 7-3/4 cents. On Friday, corn and soyabeans rallied as the continued dryness was expected to result in lower crop ratings. Some analysts expected the US government to lower its corn and soyabean ratings by 2 to 4 percentage points in the good-to-excellent category on Monday's weekly crop progress report. "Crop worries amid hot and dry weather in the eastern part of the US Midwest keep lifting grain prices ahead of the USA's report," said a Seoul-based trader.
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