USA: Soybean futures in Chicago rose by more than 1% on Monday

Chicago soybean futures rose more than 1% on Monday, boosted by the results of Sunday's presidential election in Argentina coupled with extremely hot weather in Brazil that is likely to continue to weigh on the crop despite rain over the weekend. Chicago Board of Trade (CBOT) corn fell 0.4% and wheat fell 1%. The most active soybean contract was up 15 cents at $13.55-1/4 a bushel at 1800 GMT. Showers in Brazil on Sunday provided some relief in the world's top soybean exporting country, where hot conditions have severely damaged crops in northern and central growing regions. But the rains have been sporadic, said Drew Lerner, president of World Weather Inc. “There are still a huge number of facilities that still need a drink of water,” Lerner said. He added that additional rain of up to 2 inches was forecast this week, except in northeast Brazil, where the weather was expected to remain dry, Reuters reported. As of Thursday, Brazil's 2023/24 soybean area had reached 68% of expected ...