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Corn Firms as Oil Rally Offsets Good Crop Weather in Midwest

Corn and soybeans hit multi-week highs

Golden Harvest corn

U.S. corn and soybean futures rose on Monday as support from surging crude oil prices more than offset pressure from favorable weather for late-developing crops, reports Reuters.

Signs of easing U.S.-China trade tensions also buoyed the market after confirmation on Monday of more Chinese purchases of U.S. soybeans that triggered a rally last week.

Wheat firmed in tandem with rising corn and as dry conditions in some Southern Hemisphere wheat areas stoked concerns about smaller harvests in key exporters such as Australia and Argentina.

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