Soybeans and wheat jumped Tuesday to a three-month high and corn gained the most in three weeks on the Chicago Board of Trade.
Short covering and some new speculative long positions provided a sharp boost for prices in the grain markets, said analysts.
The soybeans, corn and wheat markets opened higher and then moved sharply higher over the course of the day before closing near the highs of the session. Traders said that fund buying was arguably the major underlying factor along with the continuation of light selling by farmers Tuesday morning.
Dry weather in South America was also a very supportive factor.
Soybeans futures for March delivery rose 29 cents, or 2.9 percent, to 10.16 U.S. dollars a bushel. March corn jumped 16.25 cents, or 4 percent, to 4.275 dollars a bushel. March wheat gained26.75 cents, or 4.3 percent, to 6.435 dollars a bushel.
Source:Xinhua
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