CHICAGO, Jan. 23 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Monday, led by wheat.
The most active corn contract for March delivery fell 10 cents, or 1.48 percent, to settle at 6.6625 U.S. dollars per bushel. March wheat plunged 21.5 cents, or 2.9 percent, to settle at 7.2 dollars per bushel. March soybean lost 16.25 cents, or 1.08 percent, to settle at 14.9025 dollars per bushel.
CBOT agricultural futures fell sharply on improved South American and U.S. Plains weather. Brazil is more actively harvesting soybeans while China is on holiday.
The next level of key support rests at 14.40 to 14.60 dollars for March soybeans, 6.45 to 6.52 dollars for March corn and 7.00 dollars for March Chicago wheat. Chicago-based research company AgResource stays bearish looking for additional long liquidation.
U.S. export inspections for the week ending Jan. 19 were 28.6 million bushels of corn, 66.4 million bushels of soybeans and 12.3 million bushels of wheat. For respective crop years to date, the United States has shipped out 469 million bushels of wheat, down 3.5 percent year on year; 453 million bushels of corn, down 30 percent; and 1,252 million bushels of soybeans, down 3 percent.
U.S. Department of Agriculture (USDA) reported that 192,000 metric tons of U.S. soybeans were sold to an unknown destination. Debate is ongoing as to where China's purchase orders will rest in the marketplace when it returns next week.
Moderate to at times heavy rain will fall across Argentina from late Wednesday into the weekend. A few dry days follow with another system noted for the northern half of Argentina in the opening days of February. Near normal rain drops across Northern and Central Brazil, which is ideal for late podding soybeans. There will be enough dry slots for Northern Brazilian farmers to advance harvest and start the seeding of winter corn. No extreme heat is forecast for Brazil.
