CHICAGO, Dec. 23 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Friday, led by wheat.
The most active corn contract for March delivery rose 5.75 cents, or 0.87 percent, to settle at 6.6625 U.S. dollars per bushel. March wheat soared 13.75 cents, or 1.8 percent, to settle at 7.76 dollars per bushel. March soybean gained 12.5 cents, or 0.85 percent, to settle at 14.845 dollars per bushel.
CBOT futures were higher amid supportive macro input. Supportive wheat and corn chart patterns have fueled moderate speculative buying and short covering. It is difficult to be bullish of corn above 6.70-6.80 dollars and of soybean above 14.90 dollars if climate in Argentina begins to shift in the next two weeks. Chicago-based research company AgResource holds that wheat is forming a base, with upside to hinge upon the exact rate of Black Sea exports and geopolitics.
The U.S. Department of Agriculture (USDA) announced Friday that U.S. exporters sold 150,000 metric tons of corn to Mexico, along with 124,000 metric tons of soybeans to unknown destinations.
A host of holidays are keeping market participation thin. Christmas and New Year will be followed by Orthodox Christmas on Jan. 6-7. Then China's Lunar New Year begins on Jan. 22. Throughout this period critical South American weather updates and the USDA's Dec. 1 stocks report will sustain volatility.
It will be wetter in Argentina beyond Jan. 1. Rainfall in Brazil will expand into the drier areas of the south in the 6-10 day period.
