CHICAGO, Oct. 8 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Thursday, led by wheat.
The most active corn contract for December delivery fell 1.75 cents, or 0.45 percent, to close at 3.87 U.S. dollars per bushel. December wheat plunged 12.25 cents, or 2.02 percent, to settle at 5.9525 dollars per bushel. November soybean shed one cent, or 0.1 percent, to close at 10.5 dollars per bushel.
Wheat futures paced a decline which pulled corn and soybean futures lower. Traders are anxious to book profits ahead of the key U.S. Department of Agriculture (USDA) October Crop Report due Friday, Chicago-based research company AgResource noted. But the real reaction to the USDA report won't be known until midday Monday.
There is a cargo of U.S. distillers dried grains (DDGs) that has a listed destination of China. U.S. DDGs would be a more economic feed ingredient into China than corn, AgResource learned. The trade is closely watching if U.S. ethanol and DDGs are starting to flow to China under the phase-one deal.
U.S. export sales as of Oct. 1 were 19.5 million bushels of wheat, 48.3 million bushels of corn and 95.2 million bushels of soybeans. All exports were above trade estimates. For respective crop years to date, the United State has sold 533 million bushels of wheat, up 8 percent year on year; 1,018 million bushels of corn, up 158 percent; and 1,496 million bushels of soybean, up 150 percent. U.S. soybean sales as of Oct. 1 were record large, with corn sales near a record.
It is mild dry for the next 10 days. Weather conditions of limited rainfall will last into Oct. 18 or longer, allowing harvest operations to advance strongly. No rain is forecast for the Plains through the 11-15 day period. Moisture is needed to germinate a newly seeded winter wheat crop.
Funds are holding a record net long position in soybeans which will increase market volatility going forward, AgResource noted.
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