U.S. agricultural futures rise

By Xu Jing
  • World
  • Tuesday, 05 Mar 2024

CHICAGO, March 4 (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 rose 5.25 cents, or 1.24 percent, to settle at 4.3 U.S. dollars per bushel. May wheat gained 6.25 cents, or 1.12 percent, to settle at 5.64 dollars per bushel. May soybean climbed 3.75 cents, or 0.33 percent, to settle at 11.55 dollars per bushel.

May corn futures tested 20-day moving average at 4.33 dollars, and U.S. wheat futures rebounded from prior contract lows.

The U.S. Department of Agriculture (USDA) March crop report will be out on Friday, with the Stocks and Seeding Report due on March 28. Spring planting season will start immediately in U.S. Midwest. Chicago-based research company AgResource holds that CBOT price risks are to the upside, saying this is no place for new sales.

Ukraine has likely sold its last cargo of wheat for the 2023-2024 crop year, and news went that Ukrainian military would start pulling conscripts from the farm. There is no way of knowing how this will impact Ukraine grain production.

Brazilian soybean export premiums went up another two to four cents per bushel.

Rainfall for the past 30 days in India has run well above normal. AgResource cautions against making big downward adjustments to Indian wheat production.

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