The most active corn contract for July delivery rose 8.5 cents, or 1.47 percent, to settle at 5.885 U.S. dollars per bushel. July wheat soared 30.5 cents, or 5.01 percent, to settle at 6.3975 dollars per bushel. July soybean gained 6.75 cents, or 0.48 percent, to settle at 14.175 dollars per bushel.
CBOT grain futures are higher as the trade shuffles between risk off and risk on. Wheat rose sharply on probable end of the Black Sea export corridor at mid-May.
Volatility is the theme. The market is beginning the transition to new crop supply and demand. Chicago-based research company AgResource warns against chasing daily moves.
U.S. ethanol production in the week ending April 28 totaled 287 million gallons, as against 284 million gallons in the prior week and up 1 percent from last year. U.S. ethanol inventories totaled 981 million gallons, down 40 million gallons week on week and a sizable 128 million gallons from mid-March's peak.
It is much wetter across the eastern Plains and Midwest next week. Rainfall into early next week should favor Nebraska, the Dakotas and far Southern Midwest.
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