SYDNEY, Nov 23 (Reuters) - U.S. soybeans rose more than 1% on Monday to hit their highest since mid-2016 as dry weather in key South American crop areas stoked concerns about global production.
FUNDAMENTALS
* The most active soybean futures on the Chicago Board Of Trade were up 1.2% at $16.73-1/2 a bushel by 0158 GMT, not far from the session high of $12.00 a bushel - the highest since June 2016. Soybeans closed 2.9% higher on Friday.
* The most active corn futures were up 1.3% at $4.34 a bushel, their highest since July 2019. Corn gained 1.4% in the previous session.
* The most active wheat futures rose 1.1% to $6.06-1/4 a bushel, having closed up 1.3% on Friday.
* Argentine soy planting advanced sharply over the past week after rains in key drought-hit areas, the Buenos Aires Grains Exchange said on Thursday, though much of the country remained dry.
* Strong demand for U.S. soybeans also provided support.
MARKET NEWS
* The U.S. dollar marked time on Monday as the prospect of an early rollout of coronavirus vaccines was offset by concerns about economic restrictions to control the spread of the virus, leaving safe-haven assets in limbo.
* Oil prices extended their gains on Monday as traders were optimistic about a recovery in crude demand thanks to successful coronavirus vaccine trials, but price gains were contained by renewed lockdowns in several countries.
* A broad gauge of Asian shares edged up to record highs on Monday morning as hopes for imminent coronavirus vaccines buoyed investor sentiment, but worries over the impact of economic lockdowns and uncertainty over U.S. stimulus capped gains.
(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
