The most active corn contract for May delivery rose 3.5 cents, or 0.8 percent, to settle at 4.395 U.S. dollars per bushel. May wheat soared 9.75 cents, or 1.8 percent, to settle at 5.525 dollars per bushel. May soybean fell 2.25 cents, or 0.19 percent, to settle at 11.855 dollars per bushel.
Soybeans sagged on the rise in Brazilian cash soybean sales due to faltering Brazilian real, while corn and wheat futures were higher on short covering and rally in Paris wheat futures. Russian wheat exports are forecast to rise to a record 3.1 million to 3.2 million metric tons in March.
It is a quiet trading session with few traders wanting to enter fresh risk ahead of the U.S. Department of Agriculture (USDA) March Stocks and Seeding report to be released on March 28. Chicago-based research company AgResource holds that CBOT is about short covering that occurs on breaks.
It is wetter across Northern and Central Brazil. The near to above normal Northern Brazil rainfall will help restore soil moisture ahead of the April pollination. Weather forecast for Argentina is drier with any heavy rainfall pushed southward into Uruguay. Extreme heat will be lacking outside of Paraguay and MGDS in Southwest Brazil.
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