U.S. agricultural futures rise

  • World
  • Saturday, 19 Sep 2020

CHICAGO, Sept. 18 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Thursday, led by wheat.

The most active corn contract for December delivery rose 3.25 cents, or 0.87 percent, to close at 3.785 U.S. dollars per bushel. December wheat soared 18.75 cents, or 3.37 percent, to settle at 5.75 dollars per bushel. November soybean climbed 15 cents, or 1.46 percent, to close at 10.435 dollars per bushel.

China's daily buying of U.S. soybean continues while U.S. soybean yield uncertainty lingers in the background, Chicago-based research company AgResource noted. Black Sea farmers are reluctant to sell amid severe dryness and as optimal winter wheat seeding windows begin to close in early October.

Weather forecast for Russian remains arid into Oct. 2. Spot Russian FOB wheat reached new seasonal highs, which has pushed EU milling wheat futures higher, with U.S. contracts following.

There's also concern over Argentine wheat yields, with Argentine wheat crop ratings this week falling.

China on Friday secured another 132,000 metric tons of soybeans and 210,000 metric tons of corn for 2020-2021 delivery, AgResource said.

It will be wetter across the East Plains and Midwest beyond Sept. 27. A jet stream will sink as far south as Arkansas and Tennessee from Sept. 28 to Oct. 1, bringing rainfall across East Kansas, Missouri, Illinois, Indiana, Ohio and Michigan during the period along with a cooling of temperatures.

New sales are on hold as markets digest potential further tightening of the U.S. soybean balance sheet and the real need for soaking rainfall across Ukraine and Southern Russia. AgResource suggests whether end users and importers chase the rally will be key in the days ahead.

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