The most active corn contract for May delivery rose 5.5 cents, or 0.87 percent, to settle at 6.3575 U.S. dollars per bushel. May wheat gained 4.5 cents, or 0.64 percent, to settle at 7.1 dollars per bushel. May soybean climbed 15.25 cents, or 1.03 percent, to settle at 14.9425 dollars per bushel.
Soybean led rise on rumors that China initially showed interest in several U.S. spot cargoes of Gulf soybeans. Following a 0.66-dollar-bushel drop in corn, a 0.75-dollar drop in soybeans and a one-dollar drop in U.S. wheat futures, traders just wonder if prices have reached levels that is stoking fresh demand.
Margin has come back to U.S. ethanol producers while expectations for 2022-2023 U.S. soybean, corn or wheat exports are low. Chicago-based research company AgResource holds that a tradable CBOT midwinter low is forming. Russia has indicated that it will not continue the Black Sea Export Corridor Deal without free Russian exports of grain and fertilizers.
There are rumors that China has purchased up to 5 cargoes or 300,000 metric tons of U.S. sorghum for delivery in May/June from U.S. Gulf.
U.S. weekly ethanol production was one percent above the previous week that consumed 295 million bushels of corn. U.S. ethanol stocks fell to 1,039 million gallons, down one percent from 2022.
There is limited rainfall for Argentine crops into March 11. There is a chance of a few lite showers in the next 48 hours, but then the forecast goes hot and dry. Argentine crop stress is becoming acute on reproducing corn.
Latest comments