The most active corn contract for May delivery rose 1.75 cents, or 0.4 percent, to settle at 4.4075 U.S. dollars per bushel. May wheat climbed 1.75 cents, or 0.32 percent, to settle at 5.4675 dollars per bushel. May soybean gained 2.5 cents, or 0.21 percent, to settle at 12.12 dollars per bushel.
Two steps forward and one back best explain CBOT price action in recent weeks. With several macro funds dipping toes in the grain markets, Chicago-based research company AgResource holds that a real investor story requires a few supply shocks via adverse weather.
U.S. weekly export sales were 46.7 million bushels of corn, 18.2 million bushels of soybeans and net wheat sales cancellations of 4 million bushels. China purchased 11.2 million bushels of U.S. soybeans last week and shipped out 22.3 million bushels. China has now secured 812 million bushels of U.S. soybeans. There are 55 million bushels of U.S. soybeans sold to unknown destinations.
For respective crop years to date, U.S. corn sales came at 1,641 million bushels, up 19 percent year on year; U.S. wheat sales 676 million bushels, up 3 percent.
Indonesia's biodiesel consumption in the first two months of 2024 rose by 16 percent to 2.17 million metric tons.
Dry weather holds across Southern Brazil and Argentina for the next week with limited rainfall. Near to above normal rain falls across Northern Brazil, which will help replace soil moisture for the winter corn crop.
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