The most active corn contract for December delivery rose 18.5 cents, or 3.46 percent, to settle at 5.53 U.S. dollars per bushel. September wheat soared 57 cents, or 8.5 percent, to settle at 7.2775 dollars per bushel. November soybean gained 13.5 cents, or 0.97 percent, to settle at 14.0875 dollars per bushel.
CBOT wheat soared on escalating tension in Ukraine following attacks in Crimea and Southern Ukraine. A more supportive global agricultural tone remains in place amid chaos in the Black Sea and numerous weather issues.
Ukraine's maritime shipments of wheat and corn have ended. While land movement westward is expected, the cost and uncertainty of Ukrainian supply availability has risen. This along with threatening U.S. and global weather patterns warrants end user coverage on corrections, Chicago-based research company AgResource holds.
U.S. ethanol production in the week ending July 14 was a larger than expected 315 million gallons, as against 303 million gallons in the previous week. The outlook for corn grind into late summer is positive amid ongoing year on year expansion in gasoline consumption and rising gasoline and ethanol prices.
High temperatures are projected across the Central Plains and into western Illinois throughout the second half of next week. Expansive high pressure ridging will be in place into August 1, which limits meaningful precipitation to eastern North America.
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