The most active corn contract for July delivery rose 6.75 cents, or 1.06 percent, to settle at 6.425 U.S. dollars per bushel. July wheat soared 14.75 cents, or 2.13 percent, to settle at 7.0725 dollars per bushel. July soybean gained 18.25 cents, or 1.24 percent, to settle at 14.855 dollars per bushel.
Black Sea grain export corridor closing, cold weather in Central U.S. and China's import of a record number of Brazilian soybeans in March and April are pushing upward CBOT futures. CBOT has a bullish undertow with cash basis levels holding firm.
The likely closure of the Ukraine export corridor, 5-year-high funds' short position over Chicago wheat, seasonal increase in soyoil use, and the coming cold weather all leaned bullish. Chicago-based research company AgResource suggests buying sharp breaks for a rally into late May.
Ukraine export corridor talks will continue on Tuesday. There are only 9 trading sessions until first notice day against May futures.
The National Oilseed Processors Association (NOPA) members crushed a record 185.8 million bushels of U.S. soybeans in March, a 15-month high but falling short of the month record at 186.4 million bushels processed in December 2021.
U.S. export inspections for the week ending April 13 were 47.8 million bushels of corn, 19.3 million bushels of soybeans and 8.8 million bushels of wheat. For respective crop years to date, the United States has exported 843 million bushels of corn, down 35 percent year on year; 1,714 million bushels of soybeans, up 1.3 percent; and 642.5 million bushels of wheat, down 3 percent.
Cool to cold temperatures with limited rainfall are forecast for the Southern and Central Plains for the next 10 days. Any hint of moisture for the Plains has been pushed back until May, making April one of the driest for the Southern Plains in over 100 years of weather data. Cold temperatures and snow will be flying across the Northern Plains and the Upper Midwest into April 26, retarding seed germination and emergence and the pace of seeding.
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