U.S. agricultural futures fall

By Xu Jing
  • World
  • Saturday, 09 Dec 2023

CHICAGO, Dec. 8 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Friday, led by wheat.

The most active corn contract for March delivery fell 2.5 cents, or 0.51 percent, to settle at 4.855 U.S. dollars per bushel. March wheat plunged 10.5 cents, or 1.63 percent, to settle at 6.3175 dollars per bushel. January soybean lost 7.75 cents, or 0.59 percent, to settle at 13.04 dollars per bushel.

CBOT futures weakened following the non-inspiring U.S. Department of Agriculture December Crop report and World Agricultural Supply and Demand Estimate report.

The report trimmed estimate of U.S. 2023-2024 corn stocks to 2,131 million bushels, down 25 million bushels; and forecast 2023-2024 U.S. corn exports at 2,100 million bushels, up 439 million bushels from last year.

2022-2023 Brazilian corn exports were raised to a record 57 million metric tons. The report left 2023-2024 Chinese corn imports unchanged at 123 million metric tons.

The 2023-2024 global corn end stocks were raised slightly from 315 million metric tons to 315.2 million metric tons.

U.S. 2023-2024 soybean end stocks were left unchanged at 245 million bushels. China 2023-2024 soybean imports were raised 2 million metric tons to a record large 102 million metric tons, while there were no changes to 2024 Argentine soybean crop at 48 million metric tons.

The report dropped 2023-2024 global soybean end stocks slightly from 114.5 million metric tons to 114.2 million metric tons.

The 2023-2024 global wheat end stocks were reduced slightly from 258.7 million metric tons to 258.2 million metric tons. Brazilian wheat production was trimmed one million metric tons following excessive flooding in September, October and November.

U.S. wheat exports were lifted 25 million bushels, while U.S. wheat stocks were reduced by 25 million bushels to 659 million bushels. The report pegged 2023-2024 U.S. SRW stocks at 118 million bushels, and predicted 2024-2025 U.S. SRW wheat stocks drop to or below 85 million bushels.

Chicago-based research company AgResource holds that moving forward key will be whether a weather pattern shift will occur beyond Dec. 20 in Central and Northern Brazil. U.S. corn remains cheap in the world market. CBOT wheat values are tied to additional Chinese demand and tightening SRW wheat stocks.

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