US corn futures were firm on Monday on concerns that the worst US Midwest flooding in 15 years has caused massive crop losses, while wheat and soybeans were also steady to higher.
Traders are awaiting a government report due later in the day for clues on how much the floods have reduced the number of acres planted with corn and soybeans, although the full extent of the damage will only be known in an August crop report.
Levees on the cresting Mississippi River held on Sunday as the flood began to ebb. At least three dozen levees, berms and other flood barriers have been overtopped along the river in the last two weeks. "Poor weather conditions and expectations for acreage losses for corn later today by USDA are bolstering the grain market," said a trader at KEB Futures.
"More rain in the Midwest is also clouding prospects for soybeans as it will further delay plantings of the grain, already in tight supply conditions." As of 0545 GMT, Chicago July corn futures, which hit a record high of $7.65 a bushel on Friday, rose 0.07 percent to $7.55-1/4. CBOT July soybean futures also rose 0.74 percent to $15.93 per bushel as forecasts for more rain in already saturated areas fuelled concerns about further harm to the soybean crop.