The most active corn contract for December delivery rose 15 cents, or 2.2 percent, to settle at 6.9825 U.S. dollars per bushel. December wheat soared 57.75 cents, or 6.56 percent, to settle at 9.38 dollars per bushel. November soybean gained 7 cents, or 0.51 percent, to settle at 13.74 dollars per bushel.
CBOT grain futures rose on massive fund demand tied to worry over Black Sea export supplies, as Russia-Ukraine conflict is escalating as a result of the attack on the Kerch bridge.
The Mississippi River water woes have not ended, and this will harm U.S. export demand with U.S. corn and wheat noncompetitive. Chicago-based research company AgResource sees rally in wheat and corn as offering new sales opportunities. Soybean stays bearish on South American crop sizes.
Paris wheat futures are back rising to its 50-percent correction of the summer decline with an upside price target at 370 euros per metric ton. India announced that it was going to ban exports.
A southern branch of the jet stream has formed which is expected to become more active with time. This jet should allow better rains for Kansas, and Oklahoma with time. Most of the remainder of the Central U.S. holds in below to much below normal rainfall pattern with widely scattered showers forecast from west to east on Tuesday, Wednesday and Thursday. The rains will prove to be far less than what is needed.
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