The most active corn contract for March delivery rose one cent, or 0.15 percent, to settle at 6.56 U.S. dollars per bushel. March wheat soared 9 cents, or 1.23 percent, to settle at 7.4 dollars per bushel. March soybean gained 8 cents, or 0.54 percent, to settle at 14.93 dollars per bushel.
CBOT agricultural futures are positioning ahead of U.S. Department of Agriculture (USDA) January Crop Report due out on Thursday, which will finalize 2022 U.S. summer row crop yields. Historically, CBOT endures extensive market volatility post the report due to its importance to longer term price direction.
Chicago-based research company AgResource stays bearish on rallies, holding soybeans above 15.00 dollars are richly priced and March corn will struggle above 6.70 dollars.
Private Brazilian firms are preparing to start crop tours to assess yield potential throughout Northern and Central Brazil. Brazilian soybean offers are 50 cents cheaper than the U.S. Gulf for February and 70 cents cheaper in March/April. World demand is completely shifting away from the United States due to price and new crop availability.
Ukraine 2023 wheat and corn production are forecast to be down 20 percent to 40 percent amid a shortage of seed, fertilizer and financing. The outlook for world wheat supply is cloudy until Black Sea crops can be better assessed in spring.
Rains are still expected across Southern Brazil late Thursday and Friday. Rain in Brazil will delay the harvest of early planted soybeans, but yield threats are lacking. Soil moisture will be abundant for safrinha corn seeding in February and early March.
Latest comments