The most active corn contract for May delivery rose 5.75 cents, or 0.93 percent, to settle at 6.265 U.S. dollars per bushel. May wheat gained 6.5 cents, or 0.93 percent, to settle at 7.0275 dollars per bushel. May soybean fell 4.5 cents, or 0.3 percent, to settle at 14.8925 dollars per bushel.
Soybeans were in correction mode. There will be no end to volatility as heightened macro concerns continue and the Northern Hemisphere growing season begins. Chicago-based research company AgResource cautions against chasing daily moves, but tight old crop U.S. exports and global stocks will place a floor under markets until summer climate patterns are known.
The National Oilseed Processors Association (NOPA) member soybean crush in February totaled 165.4 million bushels, slightly below the trade's guess and fractionally above February 2022. September-February NOPA soybean crush totals 1,044 million bushels, down 7 million bushels year on year.
U.S. ethanol production in the week ending March 10 totaled 298 million gallons, as against 297 million gallons in the previous week. There is no evidence to support a hike in U.S. corn industrial use.
The U.S. Department of Agriculture confirmed that China has secured another 667,000 metric tons of U.S. corn.
A pattern of complete dryness and abnormal warmth continues into the weekend for Central Argentina. Weather outlook for Brazil leans favorable.
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