U.S. agricultural futures rise

By Xu Jing
  • World
  • Thursday, 29 Sep 2022

CHICAGO, Sept. 28 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Wednesday, led by wheat.

The most active corn contract for December delivery rose 3 cents, or 0.45 percent, to settle at 6.705 U.S. dollars per bushel. December wheat soared 31.75 cents, or 3.64 percent, to settle at 9.0325 dollars per bushel. November soybean gained 0.75 cents, or 0.05 percent, to settle at 14.0875 dollars per bushel.

Soybean managed up as low Mississippi River levels have resulted in soaring barge costs, while wheat found support as traders are becoming confident that Russia will not renew the Ukraine export corridor in late November. Key resistance rests above 9.25 dollars for December Chicago wheat.

The U.S. Department of Agriculture will release its September Stocks Report on Friday. November soybeans has nearly reached downside price target while December corn should hold support at 6.60 dollars. The closing of the Ukraine export corridor should be more bullish of corn than wheat. Chicago-based research company AgResource suggests waiting for rallies for new sales.

U.S. weekly ethanol grind continued to decline on poor margins and weaker U.S. gasoline demand. The United States produced 251 million gallons of ethanol, down 6 percent year on year and 14 million gallons week on week. Weekly U.S. gasoline consumption fell 6 percent year on year.

Hurricane Ian comes ashore as a strong category 4 storm and will then slow its froward progress as it dumps flooding rain across central Florida. Soaking rainfall will impact the southeast United States, which could cause lodging of any mature/unharvested crops. Central United States holds in a dry weather trend with warming temperatures. Corn and soybean harvests will go uninterrupted into mid-October.

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