The most active corn contract for December delivery rose 0.5 cents, or 0.11 percent, to settle at 4.7 U.S. dollars per bushel. March wheat soared 12.25 cents, or 2.15 percent, to settle at 5.8275 dollars per bushel. January soybean gained 10 cents, or 0.73 percent, to settle at 13.7725 dollars per bushel.
Declining Brazilian corn and soybean crop estimates underpinned the CBOT on breaks. There were rumors that Ukraine's Odessa port endured infrastructure damage in a drone or missile attack from Russia. World wheat prices rallied on the news.
Farmers in the United States, Brazil and Argentina will not sell corn and wheat in a down market. Chicago-based research company AgResource stays bullish of soyoil and soybeans, while the grain markets forge seasonal lows.
China's state buyer Sinograin is rumored to have purchased five to eight cargoes of U.S. soybeans off the Pacific Northwest (PNW). There is talk that China is also asking for U.S. soft red winter (SRW) wheat offers.
It is drier across Northern Brazil and wetter across Southern Brazil. The weather pattern of a high pressure ridge across Northern Brazil and a low pressure trough across Southern Brazil is returning, leaving Northern Brazil wanting more rain while Southern Brazil struggling to seed spring crops amid flooding rain.
Latest comments