U.S. agricultural futures rise

CHICAGO, Sept. 13 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Wednesday, led by wheat.

The most active corn contract for December delivery rose 5.75 cents, or 1.21 percent, to settle at 4.8225 U.S. dollars per bushel. December wheat gained 9.75 cents, or 1.66 percent, to settle at 5.9725 dollars per bushel. November soybean climbed 3.25 cents, or 0.24 percent, to settle at 13.4975 dollars per bushel.

The volume of trade is in recovery with new investment funds back looking at grain markets. The multi-year low price of corn and wheat are seen as enticing to fund managers with a potential top in the U.S. dollar forming.

Funds are short near record amount of wheat, which, Chicago-based research company AgResource holds, adds to the upside risk should the Black Sea conflict spread to Russian grain loading ports.

After the U.S. Department of Agriculture (USDA) September report, the next important set of USDA reports will be released on Sept. 30, namely final U.S. 2022-2023 corn and soybean stocks and the 2023 Final Small Grain Report.

Hungary has joined Poland in signaling a national ban on Ukraine grain imports starting Sept. 15 to prevent its local cash markets from being swamped with supply. The EU agricultural minister is pushing to extend the ban on Ukraine grain and only allow transit of Ukraine grain to African or Southeast Asian markets through sealed cargoes.

Limited rainfall is forecast across the Midwest over the next five to six days. Harvest in the Midwest and the Delta will be accelerating in the days ahead. Improved rainfall will drop across the Plains and the Western Midwest beyond Sept. 18.