Corn jumps nearly 5%, wheat at 1-1/2-week top on strong demand

Corn jumps nearly 5%, wheat at 1-1/2-week top on strong demand

SINGAPORE - Chicago corn futures climbed almost 5% on Monday, adding to last session's rally, while wheat rose to its highest since late-June with strong demand driving prices higher.

Soybeans jumped more than 2%, rising for a fourth consecutive session.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) rose 4.8% to $6.53-1/2 a bushel, as of 0026 GMT and wheat added 3.7% to $9.24-1/2 a bushel, after hitting its highest since June 30 at $9.40 a bushel.

* Soybeans gained 2.5% to $14.31 a bushel.

* Robust world demand for agricultural products is driving grain and oilseed prices higher.

* European Union wheat is being scooped up at the start of the 2022/23 crop season as importers profit from a pullback in prices from records and seek alternatives to Ukrainian supplies disrupted by war, traders and analysts said.

* A rare purchase of German wheat this week by Egypt's state grains buyer, which ramped up direct purchases outside international tenders, underscored how EU wheat is being tapped in the Middle East and Africa to cover the early part of the new season that started this month.

* Traders said there was market chatter about China showing interest in foreign wheat and corn for