CHICAGO: Chicago Board of Trade soybean and corn futures extended a rally to new multi-month peaks on Wednesday as dry weather in some South American growing belts stoked supply concerns.
Wheat futures rose for a fifth straight session, tracking corn and soy while also drawing support from brisk global demand and Ukraine considering limits on exports, analysts said.
Technical buying helped boost the markets in pre-holiday trading, traders said.
The most-active soyabean contract closed up 22-1/4 cents at $13.35 a bushel, extending gains for a seventh day and reaching the highest price since Aug. 25.
Most-active CBOT corn rose for a second session, ending up 4-1/4 cents at $6.02-1/2 a bushel and topping the $6 level for the first time since July 1.
“South American weather is concerning for the southern part of Brazil and Argentina as dry weather looks to persist to the end of the year,” CHS Hedging said.
Drought in southern Brazil and developing dryness in parts of Argentina have tempered earlier optimism about South American harvest prospects. Crop losses in South America could shift export demand to the United States.
“The 15-day weather forecast does not point to any improvement,” consultancy Agritel said.
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