Corn Futures Near Two-Month High
Corn: 7 to 10 cents higher.
Soybeans: 7 to 9 cents lower.
Wheat: Steady to 3 cents higher.
December corn futures overnight extended a rally to two-month highs after Pro Farmer estimated the U.S. crop at the smallest in three years, reflecting drought and heat damage. Soybeans fell while wheat was mostly firmer. Malaysian palm oil futures were steady as traders factored in higher export taxes in top producer Indonesia and expectations of rising supplies. Front-month crude oil rose nearly $1. U.S. stock index futures signal a weaker open, while the U.S. dollar index is around 100 points lower.
Weekend rains reached much of the Midwest, with Wisconsin and southeastern Minnesota receiving the greatest amounts and central Iowa into parts of eastern Kansas also getting moisture. Some showers are expected early this week across the central and eastern Corn Belt before drier conditions move in for about 10 days. The Southern Plains are expected to receive frequent rains this week.