The most active corn contract for May delivery rose 35 cents, or 5.07 percent, to settle at 7.2575 U.S. dollars per bushel. May wheat soared 50 cents, or 5.35 percent, to settle at 9.84 dollars per bushel. May soybean gained 53.25 cents, or 3.25 percent, to settle at 16.9 dollars per bushel.
CBOT grain markets were sharply higher due to the deepening conflict between Russia and Ukraine. The world's market has been leading CBOT higher with import demand shifting back to the United States amid the crop shortfall in South America. CBOT values remain exceptionally volatile, and Chicago-based research company expects the market pattern to continue.
CBOT grain is now subject to headline risk heading into the weekend. Bouts of CBOT profit taking will create sharp breaks amid values that are near historical highs. AgResource holds that higher CBOT values are likely longer term.
U.S. Department of Agriculture (USDA) announced that 264,000 metric tons of U.S. 2022-2023 soybeans were sold to China.
Dryness persists across Central Brazil with near to above normal temperatures. The monsoon flow is pulling seasonally northeast across Brazil, and AgResource fears that drought will become a new issue for Brazil's winter corn crop.
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