Corn jumped to a contract high early on Thursday and soyabeans rallied to their highest price since 2008's record-setting run as a heat wave across much of the United States continued to scorch crops. Chicago wheat hit its highest price in more than a year as investors shrugged off a more than 1 percent rise in the US dollar and focused on forecasts for continued harsh weather for the struggling Midwest corn crop.
Chicago Board of Trade December corn gained 16-3/4 US cents, or 2.5 percent, to $6.91-1/4 a bushel by 11:30 am CDT (1630 GMT), as US grains resumed trading after being closed Wednesday for the US Independence Day holiday. The new-crop contract earlier notched a fresh contract high of $7.01-3/4.
The most active Chicago November soyabean contract spiked 37-1/2 cents, or 2.5 percent, to $15.12-1/4 per bushel, touching a contract high of $15.20 a bushel. The spot July month reached the highest price since July 2008. September wheat gained 16-1/2 cents, or 2.1 percent, to $8.15-3/4 a bushel, gaining spillover support from corn.
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