The most active corn contract for December delivery rose 5.5 cents, or 1.45 percent, to close at 3.85 U.S. dollars per bushel. December wheat climbed 8.5 cents, or 1.45 percent, to settle at 5.9275 dollars per bushel. November soybean soared 22.5 cents, or 2.2 percent, to close at 10.44 dollars per bushel.
The potential of China demand and a dangerous Gulf hurricane pushed corn, wheat and soybean to new rally highs, Chicago-based research company AgResource noted.
Wheat futures rally is being spurred by ongoing dryness across European Russia which could cause farmers to slow or halt their winter wheat seeding effort, AgResource said. The world has a record supply of wheat, but the market is concerned about 2021 Black Sea wheat supplies and a shift in world trade to the EU and the United States.
The U.S. Department of Agriculture announced that 154,000 metric tons of soybeans were sold to an unknown destination, said to be Europe.
Weather forecast for the Midwest is devoid of rain through Monday. Showers are then forecast for Nebraska, East Kansas and Missouri as a cold front sags southward boosting rain chance.
Funds are adding to existing net long positions on the hope that China will return with new purchase orders following their weeklong holiday, AgResource noted.