Chicago agricultural commodities rose across the board Thursday, led by soybeans.
The most active corn contract for December delivery rose 6.75 cents, or 1.91 percent, to close at 3.5975 dollars per bushel. December wheat gained 4.5 cents, or 0.86 percent, to close at 5. 2675 dollars per bushel. November soybean soared 30.5 cents, or 3. 17 percent, to close at 9.9325 dollars per bushel.
Corn and soybeans rose sharply Thursday on better than expected U.S. corn and soybean export sales. Wheat has followed on additional fund short covering.
Weekly export sales of U.S. soybeans doubled trade expectations at 79.6 million bushels. The sales were mostly to China which took 62.5 million bushels. Other buyers included the European Union, Mexico and South Korea. U.S. has now sold a record 1,204 million bushels of soybeans for mid-October, and China has taken 19.6 million tonnes or 720 million bushels. There are 6.1 million tonnes of U.S. soybeans that have been sold on an unknown basis, also a record to date.
U.S. also sold 11 million bushels of wheat and 40.6 million bushels of corn. U.S. crop year wheat sales are down 164.9 million bushels at 539.9 million bushels.
U.S. crop year to date corn sales rest at 718.6 million bushels, up 89.6 million bushels, while U.S. crop year soybean sales are up 194 million bushels at 1,204 million bushels. U.S. has sold 71 percent of the annual soybean export outlook predicted by U.S. Department of Agriculture (USDA).
Weather forecast for Central U.S. is warm and dry into Tuesday, when temperatures will dip in the Midwest with moderate showers and strong winds. Market analysts believe that U.S. harvest should score solid progress in the eastern Midwest and report at least an average progress in the west into early November.