U.S. agricultural futures fall

By Xu Jing

CHICAGO, Nov. 25 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Wednesday, led by wheat.

The most active corn contract for March delivery fell 5 cent, or 1.16 percent, to settle at 4.275 dollars per bushel. March wheat plunged 21 cents, or 3.4 percent, to settle at 5.965 dollars per bushel. January soybean lost 7.25 cents, or 0.61 percent, to close at 11.84 dollars per bushel.

CBOT agricultural futures fell on December long liquidation ahead of First Notice Day and sloppy cash markets, Chicago-based research company AgResource noted. Amid the coming U.S. holiday, no one wants to add to risk following the recent CBOT rally.

U.S. cash soybean and corn basis is sloppy due to lack of new demand from China. With China having already purchased an estimated 33 to 34 million metric tons of U.S. soybeans, the slowdown in its buying was seasonally expected.

U.S. weekly ethanol production rose last week to 291 million gallons, the best since COVID-19 erupted in the United States.

As agricultural futures fell with no change in news or fundamentals, AgResource predicted Sunday's CBOT trade would be highly important and volatile depending on South American weather.

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