Soybean futures have surged in early trading on renewed fears about the damage Mother Nature's doing to crop prospects in South America.

In early open-outcry trading Wednesday morning, March corn is 1 1/2 cents higher at $7.53 1/2 per bushel while January soybeans are 12 1/4 higher at $14.67 3/4 and March wheat's 3/4 cent higher at $8.57 1/4.

• Chat Wednesday's trade in Marketing Talk
• See more of the latest commodity prices

As has been the case in the last few days, corn and wheat futures have had trouble finding much upward momentum on a lack of any fresh news, namely regarding export sales prospects. Meanwhile, continued heavy rainfall in Argentina has soybean plantings delayed there, in turn putting more pressure on the U.S. to raise a larger crop to fulfill world needs.

• Talk: Torrential rains to hurt Argentina
• Read more: Beans rise in open outcry