Soybeans reached four week high US weather concerns

US grain futures were extensively higher on Monday, with soybean prices increasing to a four-week high as traders focus on adverse weather conditions in the US Midwest and Great Plains region.

Soybeans futures for September delivery traded at 13.0163 USD a bushel on the Chicago Mercantile Exchange, increasing 1.4%. September futures reached a session high of 13.0988 USD a bushel earlier in the trading session, the highest level since July 26.

The September contract lowered 0.4% at 12.8320 USD a bushel on Friday. September soy prices soared 4.95% last week, the highest growth since July 2012.

The November contract increased 1.45% at 12.7740 USD a bushel, after ending 0.45% lower on Friday.

Prices were higher due to ongoing concerns over hot and dry weather conditions forecast for the US Midwest during the next few days.

Rainfall forecasts for the weekend disappointed market players, stimulating concerns over potential US crop damage.

On the CBOT, corn futures for September delivery increased 2.05% and traded at 4.8325 USD a bushel. Prices hit a session high of 4.8588 USD a bushel earlier in the trading session, the highest level since August 2.

The September corn contract decreased 1.6% at 4.7360 USD a bushel on Friday. September corn prices increased 1.9% last week.

The December contract increased 2% at 4.7260 USD a bushel, after falling 1.85% on Friday.

Wheat contract for September delivery traded at 6.3775 USD a bushel, increasing 1.1%. Wheat futures hit a session high of 6.4213 USD a bushel earlier, the highest level since August 13. The September contract decreased 1% at 6.3100 USD a bushel on Friday.

The December contract was up 1.05% at 6.5020 USD a bushel, after dropping 0.9% on Friday.

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