The most active corn contract for December delivery settled at 4.935 U.S. dollars per bushel, unchanged from the previous trading day. September wheat soared 32.5 cents, or 5.06 percent, to settle at 6.7425 dollars per bushel. November soybean rose 1.25 cents, or 0.09 percent, to settle at 13.55 dollars per bushel.
Wheat soared on short covering tied to reduced U.S. and Canadian hard red spring (HRS) production and lower than expected early yield data from Southeast Russia.
It is a wheat market on lower than expected Russian yield data which paints a more bullish global wheat outlook. Chicago-based research company AgResource cautions against being bearish December corn below 5.00 dollars if world wheat valuations have bottomed.
Tunisia has purchased 100,000 metric tons of soft red winter (SRW) wheat and 100,000 metric tons of durum wheat in a weekend tender.
The U.S. Department of Agriculture will release its July World Agricultural Supply and Demand Estimate report on July 12.
U.S. Northern Plains, the Upper Midwest and the Canadian Prairies still struggle to receive meaningful rain. No extreme heat will be lasting with coolness centered across the Intermountain West and Western Midwest.
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