The most active corn contract for December delivery rose 6.25 cents, or 0.9 percent, to settle at 6.9775 U.S. dollars per bushel. December wheat soared 20.25 cents, or 2.3 percent, to settle at 9.025 dollars per bushel. January soybean gained 28.25 cents, or 1.99 percent, to settle at 14.4775 dollars per bushel.
CBOT agricultural futures found support on unrest in Brazil, export uncertainty in the Black Sea and the return of prolonged dryness in Argentina.
Chicago-based research company AgResource holds that wheat and corn will be tied to the market's perception over Black Sea grain flows, and rallies will continue to be rewarded as it is difficult to identify the catalyst needed for sustained rallies outside of South American yield loss.
The beginning of soybean seeding season in Argentina is imminent and better rain chances are needed. But updated data indicates that subsoil moisture in Argentina remains limited following recent rainfall.
There are reports of a call between Turkish and Russian officials that yielded nothing with respect to grain export execution in the Black Sea.
Better rain chances lie ahead of Argentina at mid-November. Otherwise, Argentine dryness lingers in the near term. Dryness blankets all of Brazil into Nov. 9-10, with a more progressive pattern of rainfall projected thereafter.
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