Chicago Board of Trade (CBOT) corn settled higher on Monday, while wheat and soybeans fell to open the week.

The most active corn contract for July delivery added 7 cents, or 1.65 percent, to close at 4.30 dollars per bushel. July wheat delivery lost 3.75 cents, or 0.76 percent, to settle at 4.9125 dollars per bushel. July soybeans fell 9.25 cents, or 0.79 percent, to close at 11.69 dollars per bushel.

Analysts noted that corn advanced as hot and drier weather is forecast in the U.S. Midwest and South Plain, prompting expectations that it may dent the progress of corn there.

Meanwhile, short covering also supported corn on Monday. According to the Chicago-based agriculture consultancy AgResource, CBOT brokers estimated that funds have bought 14,000 contracts of corn before Midday Monday.

Wheat settled lower for the third trading days in a row Monday, and analysts noted that the U.S. wheat harvest started in some states in the U.S. Midwest and Southern plains, weighing on wheat as new supplies will come to the market.

The soybean retreated on profit-taking Monday after it reached near a two-year high Friday, according to analysts.

source : xinhua