CHICAGO, Nov. 17 (Xinhua) — Chicago Board of Trade (CBOT) agricultural futures rose across the board on Wednesday, led by soybean.

The most active corn contract for December delivery rose 4.25 cents, or 0.74 percent, to settle at 5.7525 U.S. dollars per bushel. December wheat gained 12 cents, or 1.48 percent, to settle at 8.2225 dollars per bushel. January soybean soared 25.75 cents, or 2.06 percent, to settle at 12.77 dollars per bushel.

Managed money inflows on inflation positioning and reports of concerning weather forecast for South America have pushed the markets to sharp daily gains. The volume of trade has been active, Chicago-based research company AgResource noted.

New investment flows into the CBOT has produced a one-way bullish price move. However, the low volume rally in soymeal with values nearly filling an open chart gap suggests that correction could befall the CBOT heading into the weekend. It is premature to be overly bullish on South American weather for another few weeks.

U.S. Department of Agriculture (USDA) reported the sale of 30,000 metric tons of soyoil to India and 132,000 metric tons of U.S. soybeans to China in the 2021-2022 crop year.

U.S. Energy Information Administration (EIA) reported that the U.S. weekly ethanol grind to produce ethanol rose to 312 million bushels, up 7 million bushels from the week prior. Weekly U.S. ethanol stocks fell by 9 million gallons to 843 million gallons due to strong blender demand. U.S. gasoline stocks are at their lowest levels on years amid active consumer demand and elevated miles driven.

Egypt’s GASC secured 60,000 metric tons of Romanian wheat in overnight tender. Turkey is tendering for 385,000 metric tons of wheat.

There will be limited rainfall for Argentina and the far southern areas of Brazil over the next 10 days. Moderate to heavy rains will persist across Northern Brazil into Nov. 27. A break in the wet weather in Northern Brazil is desired with sunshine for soybean crop reproduction.