The most active corn contract for December delivery soared 28.5 cents, or 5.63 percent, to settle at 5.345 U.S. dollars per bushel. September wheat rose 17 cents, or 2.6 percent, to settle at 6.7075 dollars per bushel. November soybean gained 17.25 cents, or 1.25 percent, to settle at 13.9525 dollars per bushel.
Interior U.S. corn bids have been rather firm this week as ethanol margins remain profitable amid relative strength in cash ethanol prices.
Chicago-based research company AgResource holds that there is a more broadly supportive tone to the global agricultural market amid ongoing lofty prices in India, rising interior prices in Russia, firm corn FOB basis in South America, and the return of adverse U.S. weather conditions.
Weather forecast maintains a pattern of lengthy and widespread dryness and a growing likelihood of extreme heat throughout next week. A high pressure ridge currently aloft Texas and the Southwest is expanding rapidly into Central Plains and far Western Midwest this weekend, and will be across the western part of the U.S. Agricultural Belt into Aug. 1 to 2. Meaningful precipitation will be confined to Western Kansas and the mid-South.
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