U.S. agricultural futures rise

By Xu Jing
  • World
  • Friday, 08 Dec 2023

CHICAGO, Dec. 7 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Thursday, led by wheat.

The most active corn contract for March delivery rose 3.75 cents, or 0.77 percent, to settle at 4.88 U.S. dollars per bushel. March wheat soared 8.75 cents, or 1.38 percent, to settle at 6.4225 dollars per bushel. January soybean gained 16.25 cents, or 1.25 percent, to settle at 13.1175 dollars per bushel.

CBOT futures were higher on talk of new demand from China. Traders will await the U.S. Department of Agriculture (USDA) December Crop Report to be released Friday and react accordingly. Thereafter, traders will look forward to South American weather and the coming holidays.

Chicago-based research company AgResource holds that the next upside price target for March Chicago wheat rests at 6.60 to 6.70 dollars.

USDA reported the sale of 120,000 metric tons of U.S. soybeans to an unknown destination, rumored to be China. There is talk that China is showing new interest for U.S. wheat, corn and soybeans.

The weekly U.S. export sales report showed U.S. sales of 13.1 million bushels of wheat, 50.7 million bushels of corn and 55.8 million bushels of soybeans.

For respective crop years to date, the United States has sold 1,014 million bushels of corn, up 35 percent year on year; 1,190 million bushels of soybeans, down 17 percent; and 479 million bushels of wheat, down 4 percent.

A below normal rainfall trend exists across Northern Brazil. Near to above normal rainfall is forecast for Southern Brazil. No extreme heat is forecast with better rain to drop across Argentina from Wednesday forward, advancing spring seeding there.

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