U.S. agricultural futures fall

By Xu Jing

CHICAGO, June 21 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Tuesday, led by wheat.

The most active corn contract for December delivery fell 29.5 cents, or 4.04 percent, to settle at 7.015 U.S. dollars per bushel. September wheat plunged 59.5 cents, or 5.68 percent, to settle at 9.8725 dollars per bushel. July soybean lost 21 cents, or 1.23 percent, to settle at 16.81 dollars per bushel.

Wheat leads CBOT agricultural futures lower as harvests accelerate. Risk-off mentality persists. Lows may be forming in wheat.

Chicago-based research company AgResource holds that this is no place to make new sales as moisture deficits widen across a vast portion of the U.S. corn and soybean belt, and volatility is the only certainty over the next two to three weeks.

Egypt's GASC is likely to return to the marketplace for wheat supplies.

U.S. Department of Agriculture (USDA) export inspections report released on Tuesday showed that U.S. exporters through the week ending June 16 shipped 47 million bushels of corn, as against 48 million bushels in the previous week; 16 million bushels of soybeans, as against 22 million bushels; and 12 million bushels of wheat, as against 15 million bushels.

For respective crop years to date, the United States has inspected for export 1,817 million bushels of corn, down 18 percent year on year; 1,870 million bushels of soybeans, down 11 percent; and 36 million bushels of wheat, down 22 percent.

A shift to cooler temperatures is projected to begin late this week as the mean position of high-pressure ridge slides west and southward late this week and into next Tuesday/Wednesday. However, the ridge will become more expansive in the 8-15 day period, which keeps meaningful rainfall confined to U.S. states of North Dakota and Minnesota, and Canada as well. Lack of moisture into July 6 is worrisome.

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