US grains futures rose in Asian trade on Monday, with corn hitting its highest level in nearly a decade, supported by tightening global supplies and a production outlook clouded by the Russia-Ukraine war and unfavorable US weather conditions.
The most-active corn contract on the Chicago Board of Trade (CBOT) climbed to as high as $7.90 a bushel, the strongest level since September 2012, from last Thursday’s close of $7.83-3/4.
CBOT corn was up 0.7 percent at $7.89 a bushel. CBOT wheat climbed 2 percent to $11.18-3/4 a bushel, while CBOT soybeans gained 0.5 percent to $16.90-1/2 a bushel.
“The situation in Russia and Ukraine is (a) stalemate,” analysts at Zhongzhou Futures in China said in a note. “Supply concerns still exist (while) corn prices fluctuate at high levels.”
