Chicago Board of Trade corn futures Cv1 on Monday surged to a more than six-month high amid growing concern over dry conditions in Argentina, market analysts said.
Chicago soybean and corn futures were higher in see-saw trading on the first trading day of 2025, supported by ongoing concerns related to dry weather in South America, especially Argentina, a leading producer of both commodities.
Chicago soybean, corn and wheat futures rallied on Tuesday on short-covering and concerns over weather conditions in South America and Russia, market analysts said.
Chicago Board of Trade corn futures turned lower on profit-taking after the benchmark contract Cv1 hit a six-month high in choppy trade ahead of the year's end, market analysts said.
Chicago Board of Trade soybean futures finished higher on short covering on Tuesday as the market extended a rebound from a four-year low reached last week.
Chicago Board of Trade soybean futures turned lower on a choppy, lower-volume session on Monday, as weakness in the energy market and mild weather forecasts for Brazil's oilseed crop weighed on prices, market analysts said.
Chicago soybean futures rose on Friday, driven by short-covering ahead of the weekend and technical buying, after forecasts for a bumper South American crop sent soy futures plunging to a four-year low a day earlier.
Chicago soybean futures rebounded on technical buying on Thursday after plunging to a four-year low, while wheat fell to lifetime lows as a strong dollar added to concerns about competition from other exporting zones, traders said.