BANGKOK - Corn and soybean futures in Chicago rallied on signs of tighter supplies after the US Department of Agriculture (USDA) forecast smaller global crops. Wheat gained.

Corn futures for December delivery rose the 45-cent daily limit, or 8.5 percent, to $5.7325 a bushel on the Chicago Board of Trade. That's the highest level since September 2008. Corn harvests will fall 3.4 percent from a year earlier after floods in June and dry weather in August cut yields, the USDA said. Soybean futures for November delivery gained as much as 4.4 percent to $11.8475 a bushel, the highest since June 5 last year, and traded at $11.78 at 2:44 pm Singapore time. Wheat futures for December delivery advanced as much as 2.9 percent to $7.3975 a bushel, before last trading at $7.285 a bushel.

Bloomberg News