U.S. agricultural futures fall

By Xu Jing
  • World
  • Saturday, 24 Sep 2022

CHICAGO, Sept. 23 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Friday, led by wheat.

The most active corn contract for December delivery fell 11.5 cents, or 1.67 percent, to settle at 6.7675 U.S. dollars per bushel. December wheat plunged 30.24 cents, or 3.32 percent, to settle at 8.805 dollars per bushel. November soybean lost 31.25 cents, or 2.14 percent, to settle at 14.2575 dollars per bushel.

CBOT agricultural futures were sharply lower on soaring U.S. dollar as well as amid weakness in financial and energy markets. Weakness in the macroeconomic landscape is beginning to spill into physical agricultural markets as evidenced by the pace of U.S. grain export demand.

Economic outlooks are troubling. Chicago-based research company AgResource holds initial support lies at 14.20 dollars for November soybean and at 6.65 dollars for December corn.

The U.S. dollar index has surged to a new 20-year high, which has pulled currencies in importing countries like Nigeria and Turkey to record lows. It is a risk-off day at CBOT.

Paris milling wheat futures are down 2.50 euros/ton and relative stability is noted there amid falling euro. Black Sea supply remains intact.

Weather forecast pulls next week's tropical storm in Georgia and the mid-Atlantic. A lengthy period of dryness lies ahead and there is no indication of even moderate rainfall in U.S. Midwest into Oct. 5. Cool temperatures will fade beyond the middle of next week as low pressure currently aloft the Great Lakes is pushed northward. High temperatures will resume in the 7-15 day period.

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