The most active corn contract for March delivery rose 4 cents, or 0.63 percent, to settle at 6.4125 U.S. dollars per bushel. March wheat soared 20.5 cents, or 2.81 percent, to settle at 7.495 dollars per bushel. January soybean gained 17 cents, or 1.17 percent, to settle at 14.72 dollars per bushel.
Wheat is the upside leader. Corn and soybean futures gained on short covering heading into Friday's U.S. Department of Agriculture (USDA) December World Agricultural Supply and Demand Estimate (WASDE) report.
Argentine weather remains a concern, but the sheer size of the Brazilian soybean crop caps CBOT rallies. Chicago-based research company AgResource stays bearish of corn and soybeans. Wheat values are bottoming with world export demand increasing.
It will be slightly wetter across Southern Brazil and Northern Argentina as a seasonal high pressure ridge builds. The rains will first help Southern Brazil and spotty showers are also forecast for the northern half of Argentina as soon as this weekend. Northern and Central Brazilian rainfall is much improved which will aid the outlook for yield with the crop in the reproductive phase.
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