The most active corn contract for December delivery rose 7.5 cents, or 1.6 percent, to settle at 4.76 U.S. dollars per bushel. December wheat soared 22 cents, or 3.86 percent, to settle at 5.9225 dollars per bushel. January soybean gained 3.75 cents, or 0.28 percent, to settle at 13.6575 dollars per bushel.
Wheat soared on rumors that Russia hit a private cargo ship in Odessa Oblast Port. The U.S. Department of Agriculture (USDA) November Crop Report will be released on Thursday.
Brazilian weather will be alarming in another few weeks if the pattern does not change. Chicago-based research company AgResource holds that it is South American weather that directs CBOT prices.
USDA confirmed the sale of 565,000 metric tons of U.S. soybeans to China and unknown destinations in the 2023-2024 crop year. USDA also reported that Mexico purchased 270,000 metric tons of corn for delivery in 2023-2024.
The Rosario Commodity Exchange lowered Argentine wheat crop estimate to 13.5 million metric tons, just 2 million metric tons above last year's crop of 11.5 million metric tons. The exchange estimated that Argentine corn seeding is 27 percent and soybean seeding 11 percent completed, well behind historical averages as producers await additional rain.
It is dry with virtually no rain across Northern and Central Brazil into Nov. 20. The lack of rain is startling farmers with seed germination suffering.
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