Corn, wheat and oats futures were higher on the Chicago Board of Trade, but soybeans fell after China canceled two orders.
Corn was up 7 1/4 to up 11 1/4, soybeans were off 4 3/4 of off 9 1/4, wheat was up 18 1/4 to up 20 and oats were up 6 to up 6 3/4.
Corn was up for the fourth straight session, with nearby contracts reaching their highest level since July 2008. Strength in wheat and a weaker dollar along with talk of tightening of U.S. ending stocks provided support. Good weather in Argentina plus news China canceled two cargoes of U.S. soybeans because of poor crush margins sent beans lower. Wheat rose on inflationary fears and buying sparked by the potential for food protests in many countries. News Algeria bought 600,000 tons of wheat Monday also provides support.
The prices:
Corn: Mar 6.59 1/2 up 10 3/4, May 6.69 1/4 up 11 1/4, Jly 6.73 up 10 3/4, Sep 6.16 3/4 up 7 1/4.
Soybeans: Mar 14.13 1/4 off 9 1/4, May 14.21 1/4 off 8, Jly 14.28 1/4 off 6 1/2, Aug. 13.99 1/4 off 4 3/4.
Wheat: Mar 7.93 1/4 up 20, May 8.22 1/4 up 19 1/4, Jly 8.46 1/4 up 18 1/2, Sep 8.65 up 18 1/4.
Oats: Mar 3.98 up 6, May 4.05 1/4 up 6 3/4, Jly 4.06 3/4 up 6 3/4, Sep 3.70 up 6.
