U.S. agricultural futures rise


By Xu Jing
  • World
  • Wednesday, 12 Aug 2020

CHICAGO, Aug. 11 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Tuesday, led by wheat.

The most active corn contract for December delivery rose 0.5 cent, or 0.15 percent, to close at 3.235 U.S. dollars per bushel. September wheat climbed 4 cents, or 0.81 percent, to settle at 4.95 dollars per bushel. November soybean inched up 0.25 cent, or 0.03 percent, to close at 8.735 dollars per bushel.

CBOT traders estimate that funds have bought 2,200 contracts of corn, 2,100 contracts of wheat and 3,600 contracts of soybeans.

Corn, soybeans and wheat rose slightly on short covering and positioning ahead of the U.S. Department of Agriculture (USDA) August Crop Report due out on Wednesday.

Chicago-based consulting company AgResource is expecting big yields and big crops from the August Crop Report with the U.S. Midwest harvest starting in just four to five weeks, but holds that a better time to look for a seasonal low would be between Sept. 15 and Oct. 15, after the September Crop Report is released. The company predicts that a U.S. 2020 corn yield above 181 bushels per acre (BPA) or a soybean yield above 53 BPA may dampen recent Chinese buying.

Egypt's GASC secured 2 cargoes of Russian wheat. The USDA confirmed that China has secured another 3-6 cargoes of U.S. soybeans for new crop delivery.

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