Soybeans extend gains into 2nd session as rains likely damage Argentina crops

(Reuters) – U.S. soybean futures edged higher on Monday, extending gains into a second session as rains likely hurt some crops in Argentina. The most active soybean futures on the Chicago Board of Trade rose 0.2 percent to $10.31-3/4 a bushel, having firmed 0.22 percent on Friday. Wheat futures climbed 0.1 percent to $4.89 a bushel, after closing up 0.62 percent on Friday. The most active corn futures were little changed at $3.92 a bushel, having gained 0.13 percent in the previous session.
Forecasts for favorable dry weather around the U.S. Midwest prevented corn prices from pushing higher. The conditions will allow farmers to pick up their pace of planting after being sidelined.
Rains in South America provided some support to prices last week, as excessive moisture likely destroyed some crops in Argentina.
The yen touched an 18-month high against the greenback early on Monday as its biggest weekly gain in over seven years tested the patience of Japanese officials concerned the rally will damage exports and the share market.
Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling U.S. output and the recent slide in the dollar, which has been supporting crude.