The most active corn contract for May delivery fell 0.5 cents, or 0.11 percent, to settle at 4.39 U.S. dollars per bushel. May wheat shed 7.5 cents, or 1.36 percent, to settle at 5.45 dollars per bushel. May soybean soared 24 cents, or 2.02 percent, to settle at 12.095 dollars per bushel.
Chicago-based research company AgResource looks for corn futures' additional short covering into March U.S. Department of Agriculture (USDA) Stocks and Seeding report to be released on March 28.
World wheat futures were under pressure from the sizeable amount of wheat offered to Egypt's GASC in Wednesday's tender. The cheapest FOB wheat offer was Bulgarian wheat at 232.50 dollars per metric ton; U.S./Paris wheat futures were in decline on the remainder of large old crop wheat availability. New crop supplies are becoming more important with each passing day.
U.S. weekly ethanol production totaled 308 million gallons, up 5 percent from last year. The 2024-2025 U.S. corn grind could reach a record 5,475 million bushels. Seasonally, ethanol prices rise into June.
A report released by U.S. agricultural attache in Mexico shows that Mexico will import a record 22 million metric tons of corn in 2024-2025 on surging feed demand. This would be a record 865 million bushels of corn that would come mostly from the United States. In coming years, Mexico could become the world's largest corn importer.
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