U.S. agricultural futures rise

  • World
  • Tuesday, 15 Sep 2020

CHICAGO, Sept. 14 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Monday, led by wheat.

The most active corn contract for December delivery rose one cent, or 0.27 percent, to close at 3.695 U.S. dollars per bushel. December wheat gained 3.75 cents, or 0.69 percent, to settle at 5.4575 dollars per bushel. November soybean climbed 3.5 cents, or 0.35 percent, to close at 9.995 dollars per bushel.

U.S. Department of Agriculture (USDA) reported that China booked 456,000 metric tons of corn and 129,000 metric tons of U.S. soybeans. There was also another 318,000 metric tons of U.S. soybeans sold to an unknown destination.

Cash selling from the U.S. farmer is more robust as November soybeans push above 10 dollars per bushel. Once the harvest starts, U.S. farmers will be more active sellers, Chicago-based research company AgResource noted.

The weekly Crop Progress Report to be released this afternoon will hold steady or slide 1 percent with actual harvest reports helping to determine future condition ratings, AgResource predicts.

For the week ending September 10, the United States exported 34.6 million bushels of corn, 47.2 million bushels of soybeans and 23.4 million metric tons of wheat. The wheat export loadings were larger than expected with a cargo heading to China. China took 2 cargoes of U.S. corn from the Gulf and 31 million bushels of soybeans in total from the Gulf.

For respective crop years to date, the United States has loaded out 297.6 million bushels of wheat, up 21 million bushels or 7 percent year on year; 45 million bushels of corn, up 10 million bushels; and 68 million bushels of soybeans, up 23 million bushels. The Chinese demand looks to underpin U.S. corn and soybean shipments in the weeks ahead.

While Hurricane Sally will cut across the far Southeastern U.S. into the coming weekend, near complete dryness and relative warmth occur elsewhere. Weather forecast shows light shower will return to Illinois, Indiana and Michigan on September 23-24, but confidence in this is low. Other forecasting models maintain Midwest dryness into the end of September.

Harvest in U.S. Midwest is straight ahead for a U.S. corn crop that is the 2nd largest on record and soybeans being the 3rd largest, AgResource predicts.

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