The most active corn contract for December delivery rose 10.75 cents, or 1.58 percent, to settle at 6.915 U.S. dollars per bushel. December wheat soared 53 cents, or 6.39 percent, to settle at 8.8225 dollars per bushel. January soybean gained 19.25 cents, or 1.37 percent, to settle at 14.195 dollars per bushel.
This weekend's disruption to the Black Sea export corridor leans bullish grains, but coming wheat tender results and cash markets will determine upside potential. It is South American weather that will determine the world's exportable row crop surpluses into summer and early autumn 2023.
Chicago-based research company AgResource maintains a strategy of selling rallies. Unlike last year, bullish sentiment is tempered by global economic concerns, rising interest rates, and so far a lack of major crop threats in Brazil.
U.S. export inspections through the week ending Oct. 27 were 17 million bushels of corn, as against 19 million bushels in the previous week; 5 million bushels of wheat, unchanged from the previous week; and 95 million bushels of soybeans, as against 107 million bushels in the prior week.
For respective crop years to date, the United States has inspected for export 165 million bushels of corn, down 23 percent year on year; 354 million bushels of wheat, unchanged; and 375 million bushels of soybeans, down 23 percent.
Weakness in currencies of major importer countries boosted corn and wheat prices in importers' domestic markets. CBOT wheat valued in Egyptian pounds is up 72 percent from Jan. 1.
Near complete dryness lies ahead for Argentina into Nov. 10, and only scattered showers are offered to northern and western crop areas thereafter. Short-term dryness in Brazil is favorable following excessive rain in Parana and Mato Grosso do Sul, but regular showers will be needed in all areas in the second half of November.
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