U.S. agricultural futures rise

By Xu Jing

CHICAGO, Jan. 26 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Tuesday, led by corn.

The most active corn contract for March delivery soared 20.75 cents, or 4.06 percent, to settle at 5.3225 U.S. dollars per bushel. March wheat climbed 16.75 cents, or 2.58 percent, to settle at 6.6525 dollars per bushel. March soybean gained 26.75 cents, or 1.99 percent, to close at 13.7025 dollars per bushel.

Corn, soybean and wheat posted strong gains on fresh U.S. export demand, Chicago-based research company AgResource noted.

China booked 1.4 million metric tons of U.S. corn in a daily U.S. Department of Agriculture (USDA) sale with rumors that another 600,000 metric tons was also completed.

U.S. farmers have sold an estimated 82 percent to 87 percent of their soybean and 80 percent to 85 percent of their corn crops based on the sharp CBOT price rally and strong basis levels.

Weather forecast shows soaking regular rain is dropping across the southern one-third area of Brazil. The rain will cause crop quality issues and low-level flooding. East Central Brazil will hold in an arid flow along with the southern half of Argentina. The combination of dryness for East Central Brazil and excessive rainfall for the south is raising crop yield risks in early February.

China is active with purchases prior to its Feb. 12 Lunar New Year holiday, AgResource noted. As Brazilian harvest delays are worrisome for both soybeans and winter corn crop, the Chicago company stays bullish.

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