U.S. agricultural futures fall

By Xu Jing

CHICAGO, March 21 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Tuesday, led by wheat.

The most active corn contract for May delivery fell 3 cents, or 0.47 percent, to settle at 6.30 U.S. dollars per bushel. May wheat plunged 17.5 cents, or 2.5 percent, to settle at 6.8325 dollars per bushel. May soybean lost 19 cents, or 1.28 percent, to settle at 14.67 dollars per bushel.

CBOT agricultural markets went lower amid a new round of speculative selling in global wheat markets and on lack of fresh news. Wheat markets in the United States and Europe cannot shake weakness in the Russian markets, where FOB quotes for April-May delivery have fallen to 283-285 dollars per metric ton, the cheapest in the world.

Lasting direction is unlikely until U.S. stocks and seeding are known. Chicago-based research company AgResource warns against chasing daily moves, saying the strategy remains to only add to cash sales on rallies.

Choppiness will continue until there is clarity on U.S. production potential, which begins with the release of planting intentions next Friday.

Soaking rain begins to replenish soil moisture in Central and Northern Argentina, and will last five days. Early harvest efforts will be obstructed. Meaningful Brazilian rain stays isolated to Mato Grosso, and dryness elsewhere is favorable given the need to finish soybean harvest and safrinha corn planting in Mato Grosso do Sul and Parana.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In World

Namibian president calls for ocean protection, sustainable development
Black men most frequent victims of killings by U.S. off-duty officers: YaleNews
Latinos in U.S. make financial progress, but discrimination persists: Nerdwallet
Tighter lending standards deal blow to U.S. hotel developers
Israel's budget deficit more than doubles within month
UK's Sunak, Biden to focus on deepening economic ties at White House meeting
Child labor probe spreads to meatpacking, produce firms in 11 U.S. states: NBC News
Health inequalities exacerbated in U.S. southern states: media
Bulgaria to host varieties of Chinese cultural activities this summer
Loans issued from China's housing provident fund top 1 trln yuan in 2022

Others Also Read