U.S. agricultural futures rise


By Xu Jing
  • World
  • Tuesday, 27 Feb 2024

CHICAGO, Feb. 26 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Monday, led by corn.

The most active corn contract for May delivery soared 8 cents, or 1.93 percent, to settle at 4.215 U.S. dollars per bushel. May wheat rose 5.75 cents, or 1.01 percent, to settle at 5.7475 dollars per bushel. May soybean gained 3.5 cents, or 0.31 percent, to settle at 11.4525 dollars per bushel.

March contract liquidation break is coming to an end. South American weather forecast features drier and warmer than normal weather across most of North Central Brazil that is drawing down soil moisture and making March rainfall highly important for Brazil's winter corn crop. China is more active in seeking Brazilian soybeans with private buyers and importers securing Ukraine corn for April. Chicago-based research company AgResource forecasts a more important reduction based on harvested yield data.

AgResource learned that five to six cargos of Brazilian soybean were sold to China on Monday.

U.S. farmers are actively applying fertilizers and preparing ground for spring seeding due to record Midwest warmth and a lack of soil moisture. For key states like Iowa and Illinois, corn and southern state soybean seeding can start on April 10.

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