The most active corn contract for May delivery rose 5 cents, or 0.77 percent, to settle at 6.56 U.S. dollars per bushel. May wheat gained 5.5 cents, or 0.82 percent, to settle at 6.795 dollars per bushel. May soybean climbed 7 cents, or 0.47 percent, to settle at 15.0425 dollars per bushel.
Strong cash basis bids are underpinning May corn and soybean futures while wheat values rise on the potential closure of the Black Sea export corridor and the deepening drought across the Central and Southern Plains. The market has been choppy, which is limiting trading volume.
Chicago-based research company AgResource holds that falling U.S. dollar has fund managers looking at commodities for new investment once again.
The weekly biofuel report released by the U.S. Energy Information Administration (EIA) showed that 282 million gallons of ethanol were produced last week, down 4 percent from last year. U.S. ethanol production margins have surged and are at their best levels since May 2022. U.S. gasoline demand is holding strong at 8.94 million barrels per day with U.S. gasoline stocks down 5 percent from last year to 222.2 million barrels.
There are rumors that soybean sellers to China are swapping Argentine soybeans for old crop U.S. soybeans due to quality.
It will be colder and wetter for the North-Central U.S. with snow projected to fall across portions of Iowa and Minnesota this weekend. Temperatures stay seasonal through April 25 with limited precipitation for the hard red winter (HRW) wheat belt in Central and Southern Plains.
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