CHICAGO, March 27 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Monday, led by wheat.
The most active corn contract for May delivery rose 5.25 cents, or 0.82 percent, to settle at 6.4825 U.S. dollars per bushel. May wheat gained 9.5 cents, or 1.38 percent, to settle at 6.98 dollars per bushel. May soybean climbed 14 cents, or 0.98 percent, to settle at 14.4225 dollars per bushel.
CBOT agricultural markets were higher amid rising Black Sea tension and funds' short covering. Forward selling in Russia has slowed following talks last week that the government will act to buy supply for its reserve, establishing a floor price in restricting exports.
Markets have run out of sellers as critical U.S. stocks and seeding data looms. Chicago-based research company AgResource holds that sub-trend wheat yields in U.S. Plains, along with a developing arid pattern in Central Brazil will keep breaks supported nearby.
U.S. exporters in the week ending March 23 shipped 26 million bushels of corn, as against 47 million bushels in the previous week; 33 million bushels of soybean, as against 26 million bushels in the prior week; and 14 million bushels of wheat, unchanged from the prior week. Corn inspections were lower than expected. Soybean and wheat were in line.
For respective crop years to date, the United States has inspected for export 1,378 million bushels of corn, down 34 percent year on year; 656 million bushels of wheat, down 5 percent; and 1,818 million bushels of soybeans, up 8 percent.
Soaking precipitation moved farther north into Indiana and Ohio this weekend. A warming temperature pattern lies ahead for the South Plains, Delta and Southern Midwest beginning early next week. Zero precipitation is offered to the Plains hard red winter wheat Belt in the next 10 days.
