The most active corn contract for March delivery rose 5.75 cents, or 1.29 percent, to settle at 4.5225 U.S. dollars per bushel. March wheat soared 14.25 cents, or 2.39 percent, to settle at 6.1075 dollars per bushel. March soybean gained 0.75 cents, or 0.06 percent, to settle at 12.4025 dollars per bushel.
CBOT agricultural futures were higher on short covering, with sliding South American crop sizes in the background.
There is chart buying in Chicago wheat. Rumors also went that China is buying U.S. soft red winter (SRW) wheat. Chicago-based research company AgResource holds that wheat has broken through some key chart points, which has caused funds to cover shorts.
U.S. ethanol grind collapsed last week on the arctic cold that settled across the Central U.S. Just 240 million gallons of ethanol were produced, down 19 percent from the same week last year. U.S. ethanol stocks grew on the transportation snarls to 1,085 million gallons, up 3 percent year on year.
U.S. Navy intercepted 2 missiles that were targeting Maersk ships carrying U.S. military supplies Wednesday. Ocean freight costs will continue to rise on longer voyages.
Limited rainfall is forecast for Argentina over the next 10 days, with searing heat forecast for much of next week. Daily showers fall across Northern Brazil. Cool temperatures prevail across Northern and Eastern Brazil.
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