U.S. agricultural futures rise

By Xu Jing
  • World
  • Saturday, 23 Sep 2023

CHICAGO, Sept. 22 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Friday, led by wheat.

The most active corn contract for December delivery rose 2 cents, or 0.42 percent, to settle at 4.7725 U.S. dollars per bushel. December wheat gained 3.75 cents, or 0.65 percent, to settle at 5.795 dollars per bushel. November soybean climbed 2.5 cents, or 0.19 percent, to settle at 12.9625 dollars per bushel.

Soybean went higher due to growing renewable diesel demand with end users taking coverage into the first quarter of 2024. U.S. soybean crush capacity will increase sharply in 2023-2024 and 2024-2025 from existing U.S. Department of Agriculture (USDA) forecast. The need for an additional 5 million acres of soybeans further underpins soybean. U.S. soybean harvest will be 9-11 percent and corn 18-21 percent finished by Sunday.

The replenishment of supply will be digested by early October. Afterwards, the focus will shift to Southern Hemisphere weather, Chicago-based research company AgResource holds.

Early yield data continues to point to U.S. corn and soybean yields below last year. A week later, USDA will update final 2022-2023 U.S. corn, soybean and sorghum stocks along with the final small grains report.

Another few days of active shower activity continues across the Northern Plains and Upper Midwest. A drier and still-warm pattern emerges beyond early next week. Harvest will go largely unobstructed east of the Mississippi River into the first week of October.

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