Corn, soybean and wheat futures rallied on speculation that dry weather in the U.S., the world’s largest exporter of the grains, may damage crops. December-delivery corn gained 0.3 percent to $7.5825 a bushel on the Chicago Board of Trade at 11:27 a.m. in Singapore. Futures gained 63 percent in the past year as poor weather in July and August hurt crops. Soybeans for November delivery advanced 0.5 percent to $14.2950 a bushel. Conditions deteriorated last week for the U.S. corn and soybean crops, the Department of Agriculture said yesterday, as dry, cool weather across the Midwest increased plant stress and hastened crop maturity. Dry weather this week in the central and southern plains winter wheat area will maintain the drought pattern, Telvent DTN Inc. said in a bulletin yesterday. “The U.S. weather charts continue to show dry weather through the mid-U.S.,” said Garry Booth, a senior client adviser at MF Global Australia Ltd. “There’s really not a lot predicted in terms of good, soaking rain.” About 52 percent of the corn crop in the top 18 producing states was in good or excellent condition as of Sept. 4, down from 54 percent a week earlier and 69 percent a year earlier, the USDA said. An estimated 56 percent of the soybean crop got the top condition rating, down from 57 percent a week earlier and 64 percent a year earlier, the agency said. Corn, soybean and wheat futures slumped yesterday on speculation that Europe’s sovereign-debt crisis will hinder the global economy, reducing demand for food, livestock feed and fuel made from the grains. Wheat for December delivery gained 0.7 percent to $7.65 a bushel. Futures advanced 4 percent in the past year. To contact the reporter for this story: Phoebe Sedgman in Melbourne at psedgman2@bloomberg.net To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net

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