The most active corn contract for December delivery rose 13.75 cents, or 2.03 percent, to settle at 6.92 U.S. dollars per bushel. December wheat soared 63.25 cents, or 7.62 percent, to settle at 8.9375 dollars per bushel. November soybean gained 17.5 cents, or 1.2 percent, to settle at 14.7875 dollars per bushel.
CBOT futures were sharply higher on general perception that conflict in the Black Sea has the potential to ramp up massively. There is little/no room for further Black Sea supply disruptions given record low non-Black Sea export wheat stocks and very tight combined U.S. and South American corn stocks.
Volatility will continue. Chicago-based research company AgResource's strategy remains selling on strong supply-driven rallies.
Some 50 cargoes of Argentine soybeans have been sold into the world market since early September, and this has already disrupted autumn export demand in the United States.
The season's first tropical storm/hurricane is forecast to impact the eastern Gulf and East Coast during the opening days of October. Otherwise, near zero rain and abnormal warmth is offered to the entirety of the United States over the next 10 days.
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