Soybeans at a week- high over dull US yields outlook

Soybeans jumped the most in a week in Chicago amid concern a lack of rain in parts of the US Midwest will hurt yields. Corn and wheat also rose. The area of the Corn Belt with less rainfall than normal has expanded to cover 70% of the region, with more dry days ahead this week, QT Weather said in a report on Monday.

Dry and warm conditions continue in the US Midwest, particularly in Iowa, western Illinois and Missouri, adding stress for filling soybeans, DTN said August 30. “Market news is dominated by weather conditions in the Corn Belt, with a continuation of the water deficit, especially damaging for soybean crops in the critical stage of pod formation,” Parisbased farm adviser Agritel wrote.

Soybeans for delivery in November rose as much as 3.8% to $14.085 a bushel on the Chicago Board of Trade, the biggest gain since August 26, and were at $14.075 by 7:32 a.m.

The oilseed rose 13% last month, the most since July 2012, on concern crops delayed by wet weather earlier this year will be damaged by dryness or an early frost. US markets were closed on Monday for the Labour Day holiday.