The most active corn contract for July delivery soared 16.5 cents, or 2.98 percent, to settle at 5.71 U.S. dollars per bushel. July wheat rose 1.25 cents, or 0.21 percent, to settle at 6.0625 dollars per bushel. July soybean gained 34 cents, or 2.6 percent, to settle at 13.4125 dollars per bushel.
CBOT futures rose to sharp gains amid speculative buying and short covering. Risk-on is the theme on Central U.S. weather forecast concern. Market volatility will stay extreme with U.S. and world weather becoming more important during June.
Central U.S. dryness is expected to persist for another two weeks. If there is any hint of a stable Central U.S. high pressure ridge after the Memorial Day holiday, the price character of the CBOT will shift to bullish on supply losses.
Chicago-based research company AgResource maintains that key seasonal lows were scored last week and that following the Memorial Day holiday, it is all about weather and yield across the United States.
It will be drier for the entire Midwest in the 9-15 day period, which means a dry weather pattern may persist through June 5. Any rain will be focused across the western spine across the Plains and Southeast U.S.
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