The most active corn contract for March delivery rose 7.5 cents, or 1.7 percent, to settle at 4.4775 U.S. dollars per bushel. March wheat gained 12 cents, or 2.02 percent, to settle at 6.055 dollars per bushel. March soybean soared 24.5 cents, or 2.05 percent, to settle at 12.1875 dollars per bushel.
CBOT grains were higher as IMF suggests a stronger world economic outlook in the second quarter, which is helpful for raw material markets.
Corn is forming a second reversal to the upside. Chicago-based research company AgResource suggests a period of CBOT consolidation.
Five to six cargoes of Brazilian soybeans were sold to China on Tuesday.
Darel, the agricultural statistical arm of Parana, Brazil, estimated that Parana's soybean harvest was 19 percent completed as of Sunday, the second fastest pace on record. Winter corn seeding has occurred on 22 percent of the intended area, just behind the record set in 2019 at 25 percent.
Hot and dry weather will prevail across Argentina with a few widely scattered showers on Feb. 8. Weather in Brazil calls for near to below normal rainfall across the southern half of the nation and near normal rainfall across the north. Rains are needed across Southern Brazil with February key for soybean yield determination.
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