U.S. agricultural futures rise

CHICAGO, Dec. 30 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Wednesday, led by wheat.

The most active corn contract for March delivery rose 8.5 cents, or 1.82 percent, to settle at 4.745 U.S. dollars per bushel. March wheat soared 22.25 cents, or 3.6 percent, to settle at 6.4075 dollars per bushel. March soybean gained 4.5 cents, or 0.35 percent, to close at 13.005 dollars per bushel.

CBOT agricultural futures are steady to go higher on weak U.S. dollar and worsening Argentine soil moisture, with wheat being a star performer. Broadly, the theme of the market into early January remains that commercial end users will be there absorbing breaks, Chicago-based research company AgResource noted.

Weak U.S. dollar has continued to add to U.S. competitive position in global agricultural markets.

U.S. ethanol production through the week ending Dec. 25 totaled 275 million gallons, as against 287 million gallons in the previous week and a 10-week low. Current U.S. ethanol stocks reflect nearly 4 weeks of use assuming no major change in driving patterns occurs in January.

Other news is lacking as trade enters holiday mode.

Weather forecast shows it will be wetter in central Argentina late next week. But much more will be needed over the next 30 days to stabilize soil moisture, which is rapidly deteriorating across Argentina's primary crop belt. Meanwhile, areas of eastern Argentina will be left arid. Unusual dryness will also persist in central Brazil through the weekend.

AgResource holds that agricultural outlook stays bullish.