CBOT futures open higher as drought deepens in Argentina

CHICAGO, Feb. 12 (Xinhua) -- Chicago Board of Trade (CBOT) futures opened higher on Monday morning with soybeans surging sharply as drought is expected to deepen in Argentina.

As of 1545 GMT, March corn was up 3.75 cents at 3.6575 U.S. dollars per bushel, while March wheat was up 8.75 cents at 4.5775 dollars and March soybeans up 19 cents at 10.02 dollars per bushel.

Heat and drought will return later this week across Argentina, according to weather forecasts. The market has been balancing the potential loss in Argentine crop production against the increase in Brazil.

A weaker dollar also gave CBOT futures a boost, said analysts.