U.S. agricultural futures rise

By Xu Jing
  • World
  • Tuesday, 03 Oct 2023

CHICAGO, Oct. 2 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Monday, led by wheat.

The most active corn contract for December delivery rose 12 cents, or 2.52 percent, to settle at 4.8875 U.S. dollars per bushel. December wheat soared 23.25 cents, or 4.29 percent, to settle at 5.6475 dollars per bushel. November soybean gained 2 cents, or 0.16 percent, to settle at 12.77 dollars per bushel.

CBOT agricultural futures recovered on short covering ahead of the October U.S. Department of Agriculture Crop Report and potential U.S. yield reductions based on the ongoing hot and dry Central U.S. weather trends.

U.S. farmers are going to store their crop. China is expected to return late week with CBOT pricing. Chicago-based research company AgResource holds CBOT is a trading market until South American weather becomes more important.

Mexico purchased 210,000 metric tons of U.S. corn, and 120,000 metric tons of U.S. soybeans were sold to China. World wheat miller would like to secure Russian wheat into the first quarter of 2024.

The Ukrainian government lifted its 2023 grain crop estimate by 2 percent to 57.5 million metric tons, as against 56.4 million metric tons back in August.

Limited rainfall is forecast for Central U.S. over the next 10 days. Thereafter, an extended period of dry weather follows which should allow the harvest to actively resume. Much cooler temperatures will occur from Thursday onward with frost possible across Northern Wisconsin and Northern Minnesota on the weekend.

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