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US soyabean and corn futures climbed on Monday on short-covering and concerns that the weather in South America could hamper production of the crops in Brazil and Argentina. Wheat rallied more than 1 percent as commodity funds exited short positions and on increasing worries that dry weather in the US Plains could hurt winter wheat crops.

A firmer dollar offset some of the gains in grain markets following its plunge to a more-than-three-year low against a basket of currencies last week. Rain is expected in key crop regions of Brazil throughout this week, hampering the soyabean harvest and delaying planting of winter corn in some areas.

Drought-hit Argentina received only scattered rain over the weekend, mostly in northern and central portions of the country, meteorologists said. They expect most crop areas to turn drier and warmer than normal this week. The crop concerns triggered short-covering by commodity funds, which continue to hold large net short positions in soyabean and grain markets, according to US Commodity Futures Trading Commission data. Chicago Board of Trade March soyabeans were up 7-1/2 cents at $9.93 a bushel by 12:00 pm CST (1800 GMT), while CBOT March corn gained 2-1/2 cents to $3.59 a bushel, an eight-week high. Buying accelerated as each of the actively traded contracts climbed above their 100-day moving averages.

CBOT March wheat jumped 6-3/4 cents, or 1.5 percent, to an 11-week high of $4.47-3/4 a bushel, also breaching its 100-day moving average. The US Department of Agriculture on Monday reported nearly 580,000 tonnes of US wheat were inspected for export last week, a six-week high that topped trade expectations.

Copyright Reuters, 2018


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