The most active corn contract for May delivery rose 10.25 cents, or 3.06 percent, to close at 3.455 U.S. dollars per bushel. May wheat soared 26.75 cents, or 5.26 percent, to close at 5.35 dollars per bushel. May soybeans rose 17.75 cents, or 2.15 percent, to settle at 8.4325 dollars per bushel.
Market rumor goes that China plans to buy 4 to 6 cargoes of U.S. corn, 3 to 5 cargoes of wheat and perhaps 1 to 3 cargoes of soybeans.
There is also concern that Argentine port activity will slow further in the days ahead. Argentina is by far the world's largest exporter of soy products.
CBOT brokers estimate that funds Thursday bought a net 12,000 contracts of corn, 7,500 contracts of soybeans and 7,400 contracts of CBOT wheat.
Export sales through the week ending March 12 included 36 million bushels of corn, up from 58 million bushels in the prior week; 23 million bushels of soybeans, up from 11 million bushels; and 12 million bushels of wheat, down from 17 million bushels the week before.
For respective crop years to date, U.S. exporters have sold 1,142 million bushels of corn, down 31 percent from a year ago; 1,286 million bushels of soybeans, down 16 percent; and 881 million bushels of wheat, up one percent.
Market analysts hold that volatility will persist, as demand issues are rather clear.
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