The most active corn contract for May delivery rose 2 cents, or 0.45 percent, to settle at 4.4175 U.S. dollars per bushel. May wheat soared 9.5 cents, or 1.77 percent, to settle at 5.4725 dollars per bushel. May soybean fell 4.75 cents, or 0.4 percent, to settle at 11.7925 dollars per bushel.
CBOT wheat rebounded strongly from fresh contract lows, while May corn has exceeded key resistance at 4.40 dollars. U.S. Department of Agriculture (USDA) March Stocks and Seeding report will be released on March 28.
Brazilian food agency CONAB will release an update on Brazilian corn and soybean production on Tuesday. Brazilian soybean exports in February are estimated at 14.5 million metric tons. Chicago-based research company AgResource holds that wheat has forged a key chart reversal.
U.S. weekly grain inspections were 44.2 million bushels of corn, 14.8 million bushels of wheat and 25.9 million bushels of soybeans. Weekly U.S. wheat and corn exports were above trade expectations, while soybean exports were disappointing.
For respective crop years to date, the United States has shipped out 858 million bushels of corn, up 33 percent year on year; 491.4 million bushels of wheat, down 16 percent; and 1,286 million bushels of soybean, down 19 percent.
It is drier across Northern Brazil. Risk is rising with respect to the coming lengthy period of below normal rainfall and above normal temperatures across a majority of Brazil's safrinha corn belt. Weather forecast for Argentina is favorable except for the heavy rainfall for northeast Argentina, which may produce localized flooding.
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