U.S. agricultural futures fall

By Xu Jing
  • World
  • Saturday, 24 Feb 2024

CHICAGO, Feb. 23 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Friday, led by wheat.

The most active corn contract for May delivery fell 5 cents, or 1.19 percent, to settle at 4.135 U.S. dollars per bushel. May wheat plunged 10.25 cents, or 1.77 percent, to settle at 5.69 dollars per bushel. May soybean lost 10.75 cents, or 0.93 percent, to settle at 11.4175 dollars per bushel.

Wheat futures sagged on profit taking. March contract expiration related liquidation break should be coming to an end early next week as China returns with surging crush margins. Chicago-based research company AgResource holds that CBOT prices are trying to boost demand and curtail Brazilian winter corn seeding.

The U.S. Department of Agriculture (USDA) weekly export sales report showed sales of 8.6 million bushels of wheat, 32.3 million bushels of corn and 2.1 million bushels of soybeans. All sales were less than expected.

For respective crop years to date, the United States has sold 655 million bushels of wheat, up 6 percent year on year; 1,458 million bushels of corn, up 3 percent; and 1,428 million bushels of soybeans, down 20 percent.

China has purchased estimated 20 to 23 cargoes of Brazilian soybeans this week, about 60 percent of hoped demand following the Lunar New Year holiday.

Weather forecast for South America is unchanged. Soybean harvest in the Mato Grosso will push beyond 80 percent next week with winter corn seeding progress reaching over 75 percent.

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