The most active corn contract for December delivery rose 10 cents, or 1.68 percent, to settle at 6.0625 U.S. dollars per bushel. September wheat gained 18.75 cents, or 2.45 percent, to settle at 7.825 dollars per bushel. November soybean soared 48 cents, or 3.5 percent, to settle at 14.1775 dollars per bushel.
CBOT futures were higher on reports of fresh Chinese demand for U.S. soybeans for September. November soybean futures have recovered to 14.00 dollars while December corn rising back above 6.00 dollars. Wheat has held recent lows with a close above 8.50 dollars confirming a seasonal low.
Chicago-based research company AgResource doubts that U.S. Department of Agriculture (USDA) August Crop Report will hold any major bearish surprises. CBOT has digested a considerable amount of bearish information. Soybean crush margins are incredibly profitable, and world corn production will fall short of consumption even assuming sizable production in South America in early 2023.
U.S. weekly export sales for the week ending July 28 were 9.2 million bushels of wheat, 12.4 million bushels of corn and 14.8 million bushels of soybeans.
A brief hiatus from extreme heat is offered across the Plains from Sunday to Tuesday, but an amplified high pressure ridge is unwilling to leave the Central Plains and Midwest into the middle of August. Overall, meaningful rainfall is confined to areas east of the Mississippi River. High pressure will resume its position aloft Oklahoma, Kansas and Nebraska late next week, fanning additional heat into the region.
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