U.S. agricultural futures rise

By Xu Jing

CHICAGO, Oct. 7 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Friday, led by corn.

The most active corn contract for December delivery rose 7.75 cents, or 1.15 percent, to settle at 6.8325 U.S. dollars per bushel. December wheat climbed 1.25 cents, or 0.14 percent, to settle at 8.8025 dollars per bushel. November soybean gained 9 cents, or 0.66 percent, to settle at 13.67 dollars per bushel.

Improving profitability for biofuel producers related to surging energy costs has offered support to CBOT corn and soyoil.

It has been a back-and-forth week of confusion. Financial market turmoil coupled with a U.S. Department of Agriculture (USDA) report on Wednesday and the unknown risk from the Black Sea is keeping traders from chasing rallies or breaks. Chicago-based research company AgResource suggests selling a post USDA report rally.

USDA did not report any new daily sales on Friday. The United States continues struggling to find world grain demand as offers are noncompetitive.

The average yield estimate for U.S. 2022 corn crop is 171.9 bushels per acre (BPA) with soybeans at 50.5 BPA. The corn yield is down 0.6 BPA with soybean steady as compared to September. Average 2022-2023 U.S. corn stocks estimate is 1,127 million bushels, down 92 million bushels from September; soybeans stocks at 240 million bushels, up 40 million bushels; and U.S. wheat end stocks at 563 million bushels, down 47 million bushels.

Key crop-growing regions of U.S. Midwest and the Plains are dry. Frosty temperatures will occur on the weekend with warming due mid next week. An open window for harvest will allow for quick harvest progress.

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