The most active corn contract for March delivery rose 3.75 cents, or 0.78 percent, to settle at 4.8525 U.S. dollars per bushel. March wheat soared 16 cents, or 2.63 percent, to settle at 6.255 dollars per bushel. January soybean fell 12.25 cents, or 0.92 percent, to settle at 13.2375 dollars per bushel.
CBOT volatility stays extreme with corn and wheat recovering Monday's losses and soybeans lower. The volume of trade is holiday restricted. Chicago-based research company AgResource suggests keeping position size small and preparing for rising volatility, saying daily price volatility will be sizeable into early 2024.
The U.S. Department of Agriculture (USDA) reported the sale of 198,000 metric tons of U.S. soybeans to an unknown destination for the 2023-2024 crop year. Tunisia has bought 100,000 metric tons of soft wheat, 75,000 metric tons of durum and 50,000 metric tons of feed barley for shipment from Dec. 25 through Feb. 5.
Seven-day forecast is drier for Northern and Central Brazil. Southern Brazil and Argentina will enjoy near to above normal rainfall and near normal temperatures. There is no indication of adverse weather for Argentine crops, which will favor yield potential.
Latest comments