(Reuters) – U.S. soybean futures rose for a second session on Monday, extending two-day gains to more than 1 percent, as dry weather in Argentina threatens production.
FUNDAMENTALS
Chicago Board Of Trade January soybeans rose 0.2 percent to $13.41 a bushel, having firmed 0.9 percent on Friday.
March corn fell 0.2 percent to $4.32-1/4 a bushel, having gained 0.6 percent in the previous session.
March wheat was little changed at $6.13-3/4 a bushel, having closed up 0.5 percent on Friday.
Not much rain was expected in Argentina for the next week to 10 days, but a storm system was forecast for Christmas day.
Only 0.50 inch or less of moisture was expected, covering 65 percent to 70 percent of the total crop area, according to Global Weather Monitoring.
U.S. officials urged China to act promptly to approve the corn variety, known as Agrisure Viptera and developed by Syngenta AG. * Egypt’s wheat supply is sufficient to last the country until April 7, the supplies minister told Reuters on Sunday.
MARKET NEWS
The U.S. dollar got off to a sluggish start in Asia on Monday, having slipped late last week as investors took some profits although analysts still expect its longer-term uptrend to stay intact.
