The most active corn contract for July delivery rose 6.25 cents, or 1.07 percent, to settle at 5.925 U.S. dollars per bushel. July wheat soared 25.75 cents, or 4.06 percent, to settle at 6.6075 dollars per bushel. July soybean gained 10.75 cents, or 0.77 percent, to settle at 14.0075 dollars per bushel.
Wheat leads CBOT rally as the world fully digests bullish U.S. Department of Agriculture wheat data. This week's tour of the Kansas wheat crop will better define high protein wheat markets. Otherwise, daily or weekly price discovery becomes a function of weather and forecasts exclusively. Chicago-based research company AgResource expects volatility moving forward.
The National Oilseed Processors Association (NOPA) member soybean crush in April totaled 173.2 million bushels, 1 million bushels below expectations but a record for the month. NOPA member oil stocks on April 30 totaled 1.96 billion pounds, as against 1.81 billion bounds last year.
There is still no official word on the Black Sea corridor's renewal or elimination, though the halting of vessel traffic this week has effectively shuttered maritime Ukrainian exports. AgResource doubts clarity emerges prior to Turkey's run-off election on May 28.
Little to no rain is forecast across the northern part of Russia's winter wheat belt or in the entirety of the Ural and Siberian spring wheat areas into May 25. A blocking pattern will sustain dryness and abnormal warmth in Canada nearby.
Needed rainfall is projected across the Texas and Oklahoma panhandles and pockets of Colorado, Kansas and Nebraska. Mostly arid conditions persist elsewhere, which in the short run allows row crop planting to be completed nationally prior to May 30.
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