Soy jumps to one-week top, new-crop corn hits contract high

Chicago soybeans jumped to a one-week top today, while new-crop corn rose to a contract high as the worst drought in five decades continued to threaten crop yields across the US grain belt with little relief expected this week.

Wheat rose 1.7 percent to its highest since Tuesday, buoyed by the rally in corn and production concerns in South America and the Black Sea region.

Chicago Board of Trade new-crop December corn rose 2.6 percent to $8.14 a bushel, after touching a high of $8.14-1/2 a bushel, a contract high. Actively traded November soy gained 2.3 percent to $16.37-3/4 a bushel, the highest since July 23.

September wheat added 1.7 percent to $9.13 a bushel. Soybeans, along with corn and wheat, posted their first weekly decline last week since the worst drought in 56 years started boosting prices about a month and a half ago, spurring corn and soybean futures to record highs.

The agricultural markets have resumed their rally since Friday as reports of crop damage poured in.

The US drought has left corn plants withered and dying, and crop yields in the largest producing states will be much lower than experts have forecast, scouts said on Friday as they completed a US Midwest crop tour.