The most active corn contract for March delivery rose 10.25 cents, or 1.57 percent, to settle at 6.6225 U.S. dollars per bushel. March wheat soared 17.25 cents, or 2.3 percent, to settle at 7.6775 dollars per bushel. March soybean gained 4.75 cents, or 0.32 percent, to settle at 14.845 dollars per bushel.
Corn and Chicago wheat have broken through initial technical resistance. Paris milling wheat is up 4.5 euros per metric ton as the market continues its recovery from oversold levels.
Corn and wheat action is largely political due to future uncertainty over Black Sea grain flows. Chicago-based research company AgResource maintains a strategy of using nearby strength to move along sales.
Ukraine's agricultural minister on Wednesday pegged the country's 2022-2023 corn production at 22-23 million metric tons, compared to the U.S. Department of Agriculture's forecast of 27 million metric tons. The agricultural minister also suggested planted area in 2023 would contract further.
U.S. ethanol production in the week ending Dec. 16 totaled 303 million gallons, down 9 million gallons from the previous week. A further seasonal correction in output is anticipated into mid- or late February. U.S. ethanol stocks are more than adequate at 1,011 million gallons.
The coverage of snow from a winter storm across central United States this week is critical.
Latest comments