U.S. agricultural futures fall

By Xu Jing

CHICAGO, Dec. 1 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Thursday, led by soybeans.

The most active corn contract for March delivery fell 6.5 cents, or 0.97 percent, to settle at 6.605 U.S. dollars per bushel. March wheat lost 12.5 cents, or 1.57 percent, to settle at 7.83 dollars per bushel. January soybean plunged 39.75 cents, or 2.71 percent, to settle at 14.2975 dollars per bushel.

CBOT grain futures traded lower after the U.S. Environmental Protection Agency (EPA) announced late Wednesday to increase 2023 blending mandates by only one percent.

Renewable diesel production remains a key driver of soybean demand longer term, but disappointing mandated 2023 growth warrants a correction. Choppiness continues until South American yield potential is better known. Chicago-based research company AgResource holds rallies should continue to be sold.

Soybean fell below its 200-day moving average. U.S. exporters in the week ending Nov. 24 recorded net soyoil sales cancellations worth 5 million pounds, following cancellations of 200,000 pounds in the previous week.

U.S. corn export sales in the week ending Nov. 24 totaled 24 million bushels, as against 73 million bushels in the previous week; soybean sales were 25 million bushels, unchanged from the prior week; and wheat sales totaled just 6 million bushels, as against 19 million bushels in the previous week.

For respective crop years to date, the United States has sold 723 million bushels of corn, down 48 percent year on year; 1,370 million bushels of soybeans, unchanged from last year; and 494 million bushels of wheat, down 6 percent.

It will be wetter in important regions of Central Argentina in the 6-10 days period. Weather outlook in Brazil lacks issues, with normal to above normal rainfall offered to the entirety of Brazil's Soy Belt in the next 10 days.

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