U.S. agricultural futures fall

By Xu Jing

CHICAGO, Oct. 6 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Thursday, led by wheat.

The most active corn contract for December delivery fell 8.5 cents, or 1.24 percent, to settle at 6.755 U.S. dollars per bushel. December wheat plunged 23 cents, or 2.55 percent, to settle at 8.79 dollars per bushel. November soybean shed 11.75 cents, or 0.86 percent, to settle at 13.58 dollars per bushel.

CBOT futures were sharply lower on sagging U.S. cash markets and active harvest in U.S. Midwest. Wheat is the downside leader on fund selling and ongoing aggressive FOB price offers from Russia and the Black Sea.

Global cash markets stay weak with trade reduced on the recessionary outlook. Chicago-based research company AgResource looks to sell rallies following the U.S. Department of Agriculture's (USDA) October World Agricultural Supply and Demand Estimate report next week, holding that spot CBOT corn above 7.00 dollars, spot soybean above 14.25 dollars and spot Kansas wheat above 10.50 dollars are overvalued relative to slowing U.S. and world export demand.

The USDA announced slow export sales, which were expected. For the week ending Sept. 29, the United States sold 8.4 million bushels of wheat, 28.6 million bushels of soybeans and just 8.9 million bushels of corn. For respective crop years to date, the United States has sold 401 million bushels of wheat, down 4 percent year on year; 520.6 million bushels of corn, down 50 percent; and 925 million bushels of soybeans, up 9 percent.

The loadout for Ukraine grain out of the export corridor continues to grow amid low price offers and growing confidence in October exports.

Key crop-growing regions of U.S. Midwest and the Plains stay in a below normal rainfall trend. Frosty temperatures will occur Friday and the weekend with warming due next week. An open window for harvest will allow for quick harvest progress into Oct. 20.

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