Chicago Board of Trade (CBOT) agricultural commodities rose sharply on Monday as weather worries sent soybeans back above ten-dollar-per-bushel level.
The most active corn contract for March delivery rose 5 cents to settle at 3.67 dollars per bushel. March wheat delivery went up 15 cents, or 3.34 percent to close at 4.64 dollars per bushel. March soybeans gained 18.75 cents, or 1.91 percent to settle at 10.0175 dollars per bushel.
Rains failed to appear as forecast in Argentina over the weekend and very little rain is expected in its primary agricultural belt over the next ten days. As drought is deepening into late February, CBOT soybean futures have again rebounded above 10 dollars per bushel.
The lack of rain in Argentina also triggered additional short-covering in corn market.
Meanwhile, CBOT wheat futures posted more than three percent gains over dryness in the U.S. plains.
"In the hard-red wheat, traders were worried that there was going to be some real crop damage, although we haven't gotten to the point of no return yet," said market analyst Virginia McGathey.
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