The most active corn contract for March delivery rose 7 cents, or 1.06 percent, to settle at 6.6625 U.S. dollars per bushel. March wheat gained 3 cents, or 0.37 percent, to settle at 8.135 dollars per bushel. January soybean climbed 6.25 cents, or 0.44 percent, to settle at 14.36 dollars per bushel.
Corn rallied on stout cash basis bids across the Western Midwest. The volume of trade is poor as traders close out positions ahead of the U.S. Thanksgiving Day holiday on Thursday. Chicago-based research company AgResource holds choppiness will persist into December.
The U.S. Department of Agriculture confirmed that 110,000 metric tons of U.S. soybeans were sold to China.
U.S. ethanol production is reaching near its seasonal peak; U.S. gasoline consumption slows, which will cap ethanol blending gains into 2023. The result is a sharp increase in U.S. ethanol stocks.
Northern and Central Brazil has a daily chance of rain for the next 10 days. Southern Brazil and Argentina are dry for the next 6-7 days before showers return. La Nina is weakening which should boost Argentine rain chances from mid-December onward.
Latest comments