The most active corn contract for December delivery rose 17 cents, or 2.91 percent, to settle at 6.0075 U.S. dollars per bushel. September wheat soared 33.75 cents, or 4.38 percent, to settle at 8.0375 dollars per bushel. November soybean gained 37.75 cents, or 2.8 percent, to settle at 13.8375 dollars per bushel.
CBOT values were sharply higher on threatening weather in Central United States and Europe.
The Central U.S. weather threat is too great for any widespread selling. August weather in Central United States and Europe will direct CBOT valuations. Chicago-based research company AgResource stays bullish.
Ukraine is preparing to allow stranded vessels to start dodging ocean mines in a corridor out of its war zone late this week. The quality of the grain on the vessels is said to be poor following months of demurrage.
U.S. sorghum yield and supplies will be cut substantially this year amid the Plains drought. The United States planted 6.3 million acres of sorghum in 2022 with harvested acres estimated at 5.4 million acres.
China booked 2-3 cargoes of Brazilian soybeans for August-September. Basis levels for both corn and soybean are rising in Brazil on strong demand. EU demand for Brazilian corn is active.
Limited rain is offered for the Northern Plains and the Northwest Midwest over the next 12 days. Iowa, Minnesota, Nebraska, and the Dakotas will hold in an arid trend with warming temperatures following the weekend. A high-pressure ridge is forecast to build northward beyond the weekend and set up residence in the Eastern Midwest. This ridge fans dryness and extreme heat for the Plains and Western Midwest.
Latest comments