U.S. agricultural futures rise

By Xu Jing

CHICAGO, Dec. 7 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Wednesday, led by wheat.

The most active corn contract for March delivery rose 4 cents, or 0.63 percent, to settle at 6.4125 U.S. dollars per bushel. March wheat soared 20.5 cents, or 2.81 percent, to settle at 7.495 dollars per bushel. January soybean gained 17 cents, or 1.17 percent, to settle at 14.72 dollars per bushel.

Wheat is the upside leader. Corn and soybean futures gained on short covering heading into Friday's U.S. Department of Agriculture (USDA) December World Agricultural Supply and Demand Estimate (WASDE) report.

Argentine weather remains a concern, but the sheer size of the Brazilian soybean crop caps CBOT rallies. Chicago-based research company AgResource stays bearish of corn and soybeans. Wheat values are bottoming with world export demand increasing.

It will be slightly wetter across Southern Brazil and Northern Argentina as a seasonal high pressure ridge builds. The rains will first help Southern Brazil and spotty showers are also forecast for the northern half of Argentina as soon as this weekend. Northern and Central Brazilian rainfall is much improved which will aid the outlook for yield with the crop in the reproductive phase.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In World

Hundreds of Afghans risk 11-country trek to seek haven in United States
Romanian court to rule on ex-kickboxer Tate's detention appeal
Boost for Ukraine as U.S. expected to send longer-range rockets
Red Cross: Hospitals in Ethiopia's Tigray region struggle to deliver care
Adani loses Asia's richest crown as stock rout deepens to $84 billion
Tech company CEO apologises for ‘insensitive’ use of Martin Luther King Jr quote in layoffs email
As ice recedes, Italian ship makes record journey into Antarctic
Cheaters beware: ChatGPT maker releases AI detection tool
French labour minister says raising pensions age is 'non-negotiable' despite mass protests
Tech industry job cuts come rapidly and in big numbers

Others Also Read