US corn climbed on Monday and soyabeans rebounded from two straight losing sessions after hotter-than-expected weekend weather in drought-hit Argentina and southern Brazil deepened concerns over crop losses in those major exporting countries. Wheat rose for the first time in four sessions and posted the strongest gains in two weeks as spreading - traders buying Chicago wheat and selling corn and Minneapolis wheat - and buying ahead of expected index fund rebalancing this
week supported prices."This is do-or-die week for the moisture down in South America. They still have some double-crop beans and some corn to plant and that would be at risk if it stays on the drier side," said Mark Schultz, chief analyst at Northstar Commodity Investments Co in Minneapolis.
Analysts expect Thursday's US Department of Agriculture report on global supply and demand of farm products to slash forecasts for South American crops and cut estimates of US grain ending stocks for the 2011/12 marketing year. Chicago Board of Trade March corn rose 18-1/2 cents, or 2.8 percent, to $6.62 a bushel by 11:12 am CST (1712 GMT). March soyabeans gained 35-1/4 cents, or 3 percent, to $12.31-3/4 a bushel. CBOT March wheat climbed 18-1/4 cents, or 2.9 percent, to $6.43 a bushel despite burdensome global supplies and what are expected to be the largest US winter wheat seedings in three years.
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