WHEAT – Up 4 to 6 cents per bushel
Weak dollar boosting market in addition to ongoing concerns about harvest delays, crop conditions in Australia as well as dry weather in U.S. Plains
* Dry weather and wide temperature swings will cause further stress to the hard red winter wheat crop in western areas of the southern U.S.
Plains. Some light showers in the forecast for Wednesday but dry again later in the week.
* Good soil moisture across U.S. Midwest helping boost development of soft red winter wheat crop. Weather seen mostly dry but a little light snow in forecast in western areas of the Midwest west for Wednesday.
* Heavy rains in eastern Australia continue to delay harvest, lower crop quality.
CORN – Up 3 to 5 cents per bushel
Weak dollar attracting interest in corn as investors seek hedge against inflation. Firm crude, expectations for ethanol credits in tax bill also supportive.
* Large speculators boost net long position in CBOT corn to 280,539 contracts after four weeks of cuts- CFTC.
* Conditions favorable for developing corn through southern and central Brazil but dry weather stressing the crop in central and eastern Argentina.
SOYBEANS – Up 10 to 15 cents per bushel.
Firm crude oil market, weak dollar supportive to soybeans.
* Large speculators net long 131,853 contracts in CBOT soybeans – CFTC.
* Rainy weather forecast for soy-growing areas of Brazil later this week but Argentina seen dry with temperatures near to above normal.
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