U.S. soybean futures rose for a sixth consecutive session on Friday and hit a four-year high on dry conditions in key South American crop areas and concerns about dwindling U.S. supplies. Corn also gained on strong exports and worries about South American dryness, while wheat ended mixed.
Civil defense officials have reported that heavy rains in northeastern Brazil have killed at least three people and displaced 3,600, while apparently unrelated flooding far to the south in Paraguay has forced some 20,000 people from their homes.
At least ten people were killed on Saturday when a hillside collapsed in a poor neighborhood near Rio de Janeiro in Brazil. The mudslide buried six homes in the municipality of Niteroi following days of heavy rains in the area. Among those killed were a 3-year-old child and a 10-month-old baby.
Sunday rains and flash floods in Punta Arenas, extreme south of Chile have left an estimated 800 people homeless forcing the city to close schools while the local chapter of the National Emergency office, Onemi, raised the alarm level from orange (moderate) to red (maximum).
Corn and soybeans advanced for a second day as dry weather stressed crops in Argentina, raising concerns the global deficit may be larger than estimated.