The most active corn contract for March delivery rose 0.25 cents, or 0.06 percent, to settle at 4.4575 U.S. dollars per bushel. March wheat climbed 3.25 cents, or 0.55 percent, to settle at 5.965 dollars per bushel. March soybean gained 11 cents, or 0.91 percent, to settle at 12.2425 dollars per bushel.
Soybean rallied on the news that a massive biofuel plant in California received environmental approval and will open in weeks ahead. Corn and wheat are following amid a lack of fresh news.
The U.S. Department of Agriculture (USDA) reported that in the week ending Jan. 18, the United States shipped 28 million bushels of corn, 42.6 million bushels of soybeans and 11.5 million bushels of wheat.
For respective crop years to date, the United States has exported 577 million bushels of corn, an increase of 104.6 million bushels year on year; 982 million bushels of soybeans, a decrease of 206 million bushels; and 393 million bushels of U.S. wheat, a decrease of 73.5 million bushels.
Limited rainfall is forecast for Argentina over the next 10 days with searing heat forecast for much of next week. Soil moisture loss will be acute in Argentina, making the need for rain important heading into mid-February to preserve trend-line crop yields. Regular showers drop across Northern Brazil. Cool temperatures prevail across all of Northern and Eastern Brazil.
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