Corn hits 3-month high; soy, wheat climb on global crop weather woes

U.S. corn and soybean futures surged due to disruptions in Brazil’s harvests caused by floods. In Argentina, adverse weather and disease led to a cut in the corn harvest estimate. Wheat futures, on the other hand, rose due to concerns over dry weather in Russia. The weak U.S. dollar and Russian weather have contributed to increased buying. Managed money funds are now reconsidering their position on wheat futures due to changing market conditions. Mother Nature’s impact on supplies in South America has been significant.