Chicago Board of Trade agricultural commodities kicked off the week with a bullish accumulation day amid a weaker U.S. dollar.
The most active corn contract for May delivery rose 5.25 cents, or 1.36 percent, to close at 3.9025 U.S. dollars per bushel. May wheat delivery added 4 cents, or 0.75 percent, to close at 5.34 dollars per bushel. May soybeans gained 9.75 cents, or 1 percent, to close at 9.835 dollars per bushel.
Corn, wheat and soybean on Monday extended gains from the last week as dollar weakened and investors covered short positions.
The U.S. weekly export inspections released by U.S. Department of Agricultureon Monday showed that corn, soybeans and wheat shipping paces were in line with the trade expectations.
Soybean inspections through the week ending March 19 totaled 519,464 metric tons, down 11 percent from the prior week. Corn shipments reached 994,666 tons, up 35 percent from the previous week. Wheat shipments stood at 511,069 tons, slightly down 1.8 percent from the previous week.
"We are told that the Russian government should be able to boost reserve purchases of wheat in the near term, as domestic prices in some locations have fallen to levels below the intervention target. Russian FOB offers have also declined on the week, compared to modest rallies at the U.S. Gulf and across Western Europe," said AgResource company, a Chicago-based agricultural research institute.
Meanwhile, Northern Hemisphere weather forecasts are unchanged, and remain progressively wetter across the Upper Midwest, Europe and Black Sea in early April.