The most active corn contract for December delivery rose 4.75 cents, or 0.69 percent, to settle at 6.9775 U.S. dollars per bushel. December wheat gained 10 cents, or 1.13 percent, to settle at 8.9225 dollars per bushel. November soybean fell 0.25 cents, or 0.02 percent, to settle at 13.9575 dollars per bushel.
Stock market's rally and the dollar's decline sparked CBOT short covering. Chicago-based research company AgResource looks for another week of tepid sales, holding December corn does not belong above 7.10 dollars and November soybeans above 14.25 dollars.
The window for U.S. export opportunity closes by mid-December as most buyers will wait for cheaper Brazilian supplies from mid-January.
It is reported that Russia is asking for restrictions on the Ukraine grain export corridor beyond Nov. 22, the end of the current agreement. The Russian demand is that Turkey brokers sell Ukraine seaport grain to poor nations in need, not the EU and NATO members.
U.S. weekly ethanol production was 274 million gallons, down 10 percent from last year. U.S. weekly gasoline consumption was down 10 percent to 8.28 million barrels daily, and the slower gasoline consumption pattern appears to be locking in through late year. U.S. ethanol stocks at 918 million gallons are up 10 percent from a year ago.
It will be drier for the southern one-fourth of the United States with diminished rain chances into late October. The remainder of the Central U.S. holds in an arid weather trend, and temperatures will hold at below normal levels for the next 10 days with snow possible around the Lakes. Hard red winter wheat in the Plains struggles amid the ongoing deepening drought.
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