Investing.com - U.S. grain futures surged on Monday, as investors continued to focus on weather conditions and crop prospects in the U.S. Midwest and Great Plains-region.
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD13.8313 a bushel, up 4.1%. The November contract settled up 3.2% at USD13.2800 a bushel on Friday.
November soybean futures soared by as much as 4.4% earlier in the day to hit a session high of USD13.8913 a bushel, the strongest level since July 25.
Updated weather forecasting models pointed to warmer and drier weather across major soy-growing states in the U.S. Midwest during the next three-to-five-days, fuelling concerns over potential crop damage.
Meanwhile, findings from the Pro Farmer Midwest Crop Tour released Friday showed that the U.S. soybean harvest was likely to be smaller than the latest government estimates.
Pro Farmer projected a U.S. soy crop of 3.158 billion bushels, with a yield of 41.8 bushels per acre, down from the U.S. Department of Agriculture's most recent estimates of 3.255 billion and 42.6 bushels per acre.
Tour participants include farmers, brokers, hedge fund analysts, agronomists and grain buyers, who travel the main corn-and-soybean-growing regions in seven states over four days.
Elsewhere on the CBOT, corn futures for December delivery traded at USD4.8838 a bushel, up 3.9%. The December corn contract settled up 1.2% at USD4.7000 a bushel on Friday.
The December contract rose by as much as 4% earlier in the day to hit a session high of USD4.8888 a bushel.
Corn prices rallied on the back of the same weather conditions that boosted soybean futures.
The Pro Farmer Midwest Crop Tour estimated the U.S. corn crop 13.46 billion bushels, with a yield of 154.1 bushels per acre.
That would be down from the USDA’s August estimates of 13.8 billion bushels and 154.4 bushels per acre.
Meanwhile, wheat for December delivery traded at USD6.5775 a bushel, up 1.75%. The December contract settled up 0.85% at USD6.4600 a bushel on Friday.
Futures rose by as much as 2.1% earlier in the session to hit a daily high of USD6.5988 a bushel, the strongest level since August 5.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD13.8313 a bushel, up 4.1%. The November contract settled up 3.2% at USD13.2800 a bushel on Friday.
November soybean futures soared by as much as 4.4% earlier in the day to hit a session high of USD13.8913 a bushel, the strongest level since July 25.
Updated weather forecasting models pointed to warmer and drier weather across major soy-growing states in the U.S. Midwest during the next three-to-five-days, fuelling concerns over potential crop damage.
Meanwhile, findings from the Pro Farmer Midwest Crop Tour released Friday showed that the U.S. soybean harvest was likely to be smaller than the latest government estimates.
Pro Farmer projected a U.S. soy crop of 3.158 billion bushels, with a yield of 41.8 bushels per acre, down from the U.S. Department of Agriculture's most recent estimates of 3.255 billion and 42.6 bushels per acre.
Tour participants include farmers, brokers, hedge fund analysts, agronomists and grain buyers, who travel the main corn-and-soybean-growing regions in seven states over four days.
Elsewhere on the CBOT, corn futures for December delivery traded at USD4.8838 a bushel, up 3.9%. The December corn contract settled up 1.2% at USD4.7000 a bushel on Friday.
The December contract rose by as much as 4% earlier in the day to hit a session high of USD4.8888 a bushel.
Corn prices rallied on the back of the same weather conditions that boosted soybean futures.
The Pro Farmer Midwest Crop Tour estimated the U.S. corn crop 13.46 billion bushels, with a yield of 154.1 bushels per acre.
That would be down from the USDA’s August estimates of 13.8 billion bushels and 154.4 bushels per acre.
Meanwhile, wheat for December delivery traded at USD6.5775 a bushel, up 1.75%. The December contract settled up 0.85% at USD6.4600 a bushel on Friday.
Futures rose by as much as 2.1% earlier in the session to hit a daily high of USD6.5988 a bushel, the strongest level since August 5.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.