CHICAGO, Sept. 26 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Monday, led by wheat.
The most active corn contract for December delivery fell 10.5 cents, or 1.55 percent, to settle at 6.6625 U.S. dollars per bushel. December wheat plunged 22.5 cents, or 2.56 percent, to settle at 8.58 dollars per bushel. November soybean lost 14.5 cents, or 1.02 percent, to settle at 14.1125 dollars per bushel.
CBOT agricultural futures were lower as U.S. Midwest harvest shifts into a higher gear. The worry remains one of a future recession and its impact on demand.
The sheer strength of the U.S. dollar index is impressive and reflects a lack of confidence in emerging market economies due to inflation. There is no doubt global grain stocks will be tight in 2022-2023, but Chicago-based research company AgResource is centered on the fact that further downward revisions to stocks are being offset by weak U.S. exports. Supply-driven rallies into mid-autumn provide selling opportunities.
U.S. export inspections for the week ending Sept. 22 were 18 million bushels of corn, 9.4 million bushels of soybeans and 19.1 million bushels of wheat. All were below trade expectations.
For respective crop years to date, the United States has exported 63.2 million bushels of corn, up 17 percent year on year; 43 million bushels of soybeans, up 14 percent; and 395 million bushels of wheat, up one percent.
World trade of corn, soybean and wheat is down due to high prices and budgetary struggles.
China will start its week-long National Day holiday on Saturday. And Brazilian voters will be heading to the polls in early October to vote in presidential election.
Hurricane Ian is forecast to make landfall in Florida on Thursday, and then travel northeastward across Southeast and Southeast Coast through the weekend. Little or no rain is offered to the Central U.S. in the next 10 days. Weather forecast maintains a warmer temperature profile following the arrival of Ian. Harvest threats are lacking into the first full week of October.