The most active corn contract for December delivery rose 11.5 cents, or 2.37 percent, to settle at 4.975 U.S. dollars per bushel. December wheat soared 18.25 cents, or 3.26 percent, to settle at 5.7825 dollars per bushel. November soybean gained 7.75 cents, or 0.61 percent, to settle at 12.8075 dollars per bushel.
Corn futures were above its 50-day moving average for the first time since July 28th. Wheat futures have pushed to new weekly highs on the news that the Russian government pegged its 2023 wheat crop at 90 million metric tons. Chicago-based research company AgResource holds that wheat has scored its annual low. Corn is following to the upside but will struggle to rise above 5.20 dollars.
The U.S. Department of Agriculture (USDA) reported that for the week ending Sept. 28, the United States sold 10 million bushels of wheat, 71.5 million bushels of corn, and 29.7 million bushels of soybeans.
For respective crop years to date, the United States has sold 46 million bushels of corn, 54 million bushels of wheat and 327 million bushels of soybeans.
The Russian government estimated its 2023 wheat crop at 90 million metric tons, down 15 million metric tons from last year, but above USDA forecast of 85 million metric tons. The Siberian wheat harvest is just 57 percent completed.
Showers are forecast in the next 24 hours across the Eastern Midwest, followed by a long stretch of cool and dry weather. Cooler temperatures start later Thursday.
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