The most active corn contract for December delivery rose 3 cents, or 0.61 percent, to settle at 4.92 U.S. dollars per bushel. December wheat soared 9.75 cents, or 1.71 percent, to settle at 5.8025 dollars per bushel. November soybean gained 14.25 cents, or 1.1 percent, to settle at 13.11 dollars per bushel.
Trade volume is thin. A specific catalyst is lacking. Chicago-based research company AgResource suggests markets are embarking on seasonal moves higher into winter and early spring, and the intensity of recoveries will hinge on South American crop potential, with weather importance increasing considerably in November.
U.S. exporters sold two cargoes of soybeans to China.
U.S. ethanol production is beginning to rise as the plant maintenance season draw to a close. U.S. ethanol output in the week ending Oct. 13 totaled 304 million gallons, as against 295 million gallons in the prior week and the largest since early September. Ethanol stocks were 887 million gallons, as against 904 million gallons in the prior week and down 3 percent year on year. Crude stocks reserve on Oct. 13 totaled 420 million gallons, down 4 million gallons from the previous week and 4 percent below last year.
It is slightly drier in Northern Brazil into Oct. 28. Meaningful rainfall in South America into late October stays relegated to far Southern Brazil and Northeast Argentina. Primary concern remains centered across the Northern two-thirds of Brazil.
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