The most active corn contract for March delivery rose 0.75 cents, or 0.11 percent, to settle at 6.8375 U.S. dollars per bushel. March wheat climbed 2.5 cents, or 0.33 percent, to settle at 7.525 dollars per bushel. March soybean gained 25.75 cents, or 1.71 percent, to settle at 15.3525 dollars per bushel.
Soybean futures surged on new fund buying. China reopening trade is in full view. Chicago-based research company AgResource doubts that the rally can be sustained amid record large soybean yields being reported across Northern and Central Brazil. CBOT values have been choppy for months, and AgResource advises against chasing rallies with new purchases.
The U.S. Department of Agriculture announced a daily sale of 112,000 metric tons of corn to Japan.
For the week ending Jan. 26, the United States exported 20.7 million bushels of corn, 88.2 million bushels of soybeans and 16.4 million bushels of wheat.
For respective crop year to date, the United States has shipped out 473 million bushels of corn, down 31 percent year on year; 1,322 million bushels of soybeans, down 1 percent; and 485 million bushels of wheat, down 3 percent.
A weeklong dry trend follows, but AgResource doubts that Argentina is slipping back into the dire drought of recent months. No lasting extreme heat is forecast with soil moisture being the best in months following two storm systems that produced soaking rain in Argentina over the past two weekends.
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