CHICAGO, Aug. 3 - Grain futures in Chicago Board of Trade finished much higher on Monday as dollar plunged and the forecasts called for hot and dry weather in Midwest.
Soybean future for November delivery rose 48.5 cents to settle at 10.305 U.S. dollars per bushel, the strongest closing level since June 19. December corn climbed 19.5 cents to close at its 4-week high of 3.69 dollars a bushel. September wheat gained 21 cents to 5.4925 dollars per bushel, also the 4-week high.
Sharply higher crude oil futures and a much lower dollar index provided bullish outside markets support.
The greenback fell to its lowest level since last September as the dollar index tumbled to 77.60 and the rate against euro fell to 1.4413 dollars by the end of CBOT grain floor trading time.
Dollar's depreciation generally means a lower export prices for U.S. grains, which is supposed to boost their international competitiveness.
Buoyed by the weak dollar and economy's recovery anticipations, crude oil surged for the third session with the benchmark September contract climbing as high as 72.19 dollars per barrel shortly before CBOT grains closed.
Forecasts of hot and dry weather in part of Midwest in the 6-10days timeframe are considered by some traders to be a potential threat to corn and soybean yields.
Soybean future for November delivery rose 48.5 cents to settle at 10.305 U.S. dollars per bushel, the strongest closing level since June 19. December corn climbed 19.5 cents to close at its 4-week high of 3.69 dollars a bushel. September wheat gained 21 cents to 5.4925 dollars per bushel, also the 4-week high.
Sharply higher crude oil futures and a much lower dollar index provided bullish outside markets support.
The greenback fell to its lowest level since last September as the dollar index tumbled to 77.60 and the rate against euro fell to 1.4413 dollars by the end of CBOT grain floor trading time.
Dollar's depreciation generally means a lower export prices for U.S. grains, which is supposed to boost their international competitiveness.
Buoyed by the weak dollar and economy's recovery anticipations, crude oil surged for the third session with the benchmark September contract climbing as high as 72.19 dollars per barrel shortly before CBOT grains closed.
Forecasts of hot and dry weather in part of Midwest in the 6-10days timeframe are considered by some traders to be a potential threat to corn and soybean yields.
