Chicago corn, soybeans rebound on Brazilian dryness, wheat also higher

Chicago Board of Trade (CBOT) corn, wheat and soybeans all settled higher Thursday as Brazilian dryness lifted corn and soybean prices.

The most active corn contract for March delivery added 4.5 cents, or 1.22 percent, to settle at 3.7425 U.S. dollars per bushel. March wheat delivery gained 0.5 cents, or 0.10 percent, to close at 4.84 dollars per bushel. January soybeans advanced 14.50 cents, or 1.68 percent, to close at 8.77 dollars per bushel.

The South American forecast said at midday Thursday that there would be dry weather in Mato Grosso State of Brazil in the coming six days, and analysts noted that this forecast has prompted short covering for corn and soybeans in the market as Mato Grosso is the corn and soybean heartland of Brazil and the area is in need of rains.

Analysts said that wheat settled a little higher Thursday, lifted by corn and soybeans.

The U.S. Department of Agriculture (USDA) said Thursday morning in its daily export sales report that private exporters sold 424,000 metric tons of soybeans to China.

According to the Weekly Export Sales Report released Thursday, wheat net sales was 320,200 metric tons, up 42 percent from the previous week, but down 22 percent from the prior 4-week average.

Corn export sales were 579,400 metric tons, down 44 percent from the previous week and 47 percent from the prior 4-week average, while soybean export sales were 887,800 metric tons, down 39 percent from the previous week and 31 percent from the prior 4-week average. Endit