The most active corn contract for December delivery rose 6.25 cents, or 0.96 percent, to settle at 6.5925 U.S. dollars per bushel. September wheat gained 18.5 cents, or 2.02 percent, to settle at 9.36 dollars per bushel. November soybean soared 29.75 cents, or 2.08 percent, to settle at 14.625 dollars per bushel.
July/August soybeans and July/September corn futures are both trading at a one-dollar premium. Wheat futures have been a follower with new crop supplies available and the EU harvest starting to gain steam.
The U.S. Department of Agriculture Stocks/Seeding Report is due out on Thursday. Chicago-based research company AgResource holds a bullish longer-term view seeing any mid-summer decline as a longer term buying opportunity. Tightening world supplies will cause wheat prices to seasonally rally post the report.
AgResource notes that Central U.S. soil moisture is the driest during the last week of June looking backwards to the 2012 drought. This elevates the need for and importance of July rains. Central U.S. summer row crops can go backwards fast if hot/dry weather were to persist.
Weather forecast has added rain to the Central and Eastern Midwest beyond Monday. The Plains are drier as a high-pressure Ridge sets up across the Intermountain West and pushes eastward into the Plains and the Western Midwest. The Ridge will produce extreme heat.
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