(Photo: Pixabay)
Futures contracts of military Chicago Board of Trade (CHF) shares rose to their highest in nearly seven weeks on Monday as uncertainty over planting weather in Brazil and the size of the U.S. crop prompted a round of short covering by funds, traders said.
The CBOT November contract settled up 27.25 cents at $10.3925 a bushel, after rising to $10.4175, the contract's highest since Aug. 6.
The surge helped spur farmers to sell soybeans, brokers said.
Commodity funds maintain a sizable net short position in CBOT corn and soybean futures, leaving the market open to rallies, especially as the end of the month and quarter approaches.
In Brazil, dry weather is delaying the start of sowing. Soybean planting was 0.9% complete as of last Thursday, consultancy AgRural said, down from 1.9% at this time last year.