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.