CHICAGO, Jan. 19 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Tuesday, led by soybean.
The most active corn contract for March delivery fell 5.5 cents, or 1.03 percent, to settle at 5.26 U.S. dollars per bushel. March wheat lost 3.25 cents, or 0.48 percent, to settle at 6.7225 dollars per bushel. March soybean shed 31 cents, or 2.19 percent, to close at 13.8575 dollars per bushel.
U.S. wheat futures pull back as Russia has not yet signed the export taxes, while corn and soybean futures are enduring a corrective break with the weekend rains helping to stabilize Argentine crops, Chicago-based research company AgResource noted.
U.S. Department of Agriculture (USDA) announced that the United States sold 132,000 metric tons of 2021-2022 soybeans to China, along with 128,000 metric tons of 2020-2021 corn to Japan and 100,000 metric tons to Israel.
Weekly export inspections for the week ending Jan. 14 were 34.5 million bushels of corn, 75.6 million bushels of soybeans and 18.9 million bushels of wheat.
For respective crop years to date, the United States has exported 572 million bushels of wheat, down 2.5 percent year on year; 680.1 million bushels of corn, up 82 percent; and 1,578 million bushels of soybeans, up 78 percent.
Weather forecast shows limited rainfall will occur across Argentina over the next five to six days before showers return to Santa Fe and Corrientes on Monday. The southern half of the Argentine crop areas will stay dry for the next 10 days. Rainfall totals in Northern Brazil will be just 50 percent to 70 percent of normal with acute drying noted over Northeastern Brazilian crop areas.
AgResource holds that a correction was needed following the USDA January Report which caused futures to become technically overbought. It stays bullish, holding March corn is unlikely to fall too far below 5.20 dollars and March soybeans too far below 13.85 dollars, and March wheat has support below 6.35 dollars.