Chicago Board of Trade wheat futures were higher on Monday, with upside momentum initially sparked by news that Argentina was a buyer of 600,000 tonnes of wheat on Monday, traders said. Continued harsh weather in Australia and the United States also was supportive.
A weaker US dollar added support across the board. March CBOT corn futures jumped along with wheat, setting a new contract high at $6.57-3/4 shortly after the opening. Soyabean futures opened lower but turned higher, led by soyaoil, the traders said.
CBOT trends at 10:05 am CST (1605 GMT) on Tuesday:
-- March wheat up 17-1/4 cents at $7.90-1/2 per bushel.-- Algeria bought 600,000 tonnes of wheat, traders said on Monday. The latest Algerian purchase brings its wheat purchases this month to around 1 million -- --- tonnes. Libya buys about 100,000 tonnes wheat in tender
-- March corn up 7-3/4 cents at $6.56-1/2 per bushel.
-- March soyabeans up 4-1/2 cents at $14.27 per bushel.