U.S. agricultural futures rise

Source: Xinhua| 2020-11-24 05:46:12|Editor: huaxia

CHICAGO, Nov. 23 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Monday, led by corn.

The most active corn contract for March delivery rose 5 cents, or 1.17 percent, to settle at 4.3325 dollars per bushel. March wheat gained 5 cents, or 0.83 percent, to settle at 6.045 dollars per bushel. January soybean climbed 10.5 cents, or 0.89 percent, to close at 11.915 dollars per bushel.

CBOT futures are higher on adverse Brazilian weather. Soybean futures tried to rise above 12 dollars for the third time in the past 10 days. Corn and wheat have followed soybeans to the upside in moderate volume, Chicago-based research company AgResource noted.

U.S. Department of Agriculture (USDA) reported the sale of 334,000 metric tons of U.S. corn to an unknown destination, believed to be South Korea and China.

U.S. export inspections for the week ending Nov. 19 were 32.8 million bushels of corn, 13.1 million bushels of wheat and 73.8 million bushels of soybeans.

For respective crop years to date, the United States has exported 455.5 million bushels of wheat, up 1 percent; 364.2 million bushels of corn, up 65 percent; and 897 million bushels of soybeans, up 70 percent. China continues to be the shipper of size for U.S. corn and soybeans.

Weather forecast shows limited rain for Mato Grosso, Goias, Mato Grosso Do Sul and Parana over the next 10 days. Rain is forecast for far Southern Brazil and Argentina starting midweek and persisting for the next 9 days. The dryness for Northern and Central Brazil is historic and crop losses will become acute without above normal rains in December.

Drought concern is building across Northern and Central Brazil with another 2 weeks of drier than normal weather offered. Amid a world soybean stock/use ratio that is at a 23-year low, the loss of any South American soybean crop will have an exaggerated bullish impact, AgResource predicts. Enditem