U.S. agricultural futures rise

By Xu Jing
  • World
  • Friday, 09 Jun 2023

CHICAGO, June 8 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Thursday, led by wheat.

The most active corn contract for July delivery rose 6 cents, or 0.99 percent, to settle at 6.1025 U.S. dollars per bushel. July wheat soared 9.5 cents, or 1.54 percent, to settle at 6.2625 dollars per bushel. July soybean gained 2.5 cents, or 0.18 percent, to settle at 13.6325 dollars per bushel.

CBOT grain futures are slightly higher as drought in U.S. Midwest builds with 45 percent of U.S. corn and 39 percent of soybean crops involved. Crop yield potential could drop quickly without a needed rain in the Midwest.

With the coming rain not enough to reverse the crops ratings downtrend, Chicago-based research company AgResource holds it is premature to be bearish of agricultural futures.

The U.S. Department of Agriculture will publish the June Crop Report Friday.

U.S. corn, soybean and wheat sales for the week ending June 1 were seasonally slow with just 6.8 million bushels of old crop corn and 7.6 million bushels of old crop soybean being sold. U.S. 2023-2024 wheat sales stood at 139.1 million bushels on June 1, down 28 million bushels from last year.

There was a cargo of U.S. soybeans sold to Germany.

A storm system is forecast to produce rain across the Midwest on Sunday and Monday. The Central Plains will see additional rain on the weekend, and dry weather will follow on Tuesday and last. Market bias is for drier than normal Midwest weather with budding heat after June 20.

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