Sun, 09 Aug 2020

U.S. agricultural futures rise

Xinhua
01 Jul 2020, 16:52 GMT+10

CHICAGO, June 29 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Monday, led by corn.

The most active corn contract for September delivery rose 9.5 cents, or 2.98 percent, to close at 3.2875 U.S. dollars per bushel. September wheat gained 10.75 cents, or 2.26 percent, to settle at 4.865 dollars per bushel. November soybeans climbed 0.25 cent, or 0.03 percent, to close at 8.615 dollars per bushel.

CBOT traders estimate that funds have bought 11,300 contracts of corn and 3,200 contracts of wheat while selling 2,500 contracts of soybeans.

Corn and wheat futures were higher while soybean futures only nudged up slightly amid concern for an expansion of seeding in the U.S. Department of Agriculture National Agricultural Statistics Service report to be released Tuesday. The average trade estimate looks for a decline of over 2 million acres of corn and an increase of 1.8 million acres of soybeans. Wheat is following corn as the U.S. winter wheat harvest is closer to being 50 percent completed.

Weekly export inspections for the week ending June 25 show the United States exported 48.6 million bushels of corn, 11.9 million bushels of soybeans and 18.9 million bushels of wheat. China shipped out a modest 56,000 bushels. CBOT traders consider U.S. soybean and wheat export pace disappointing.

For the crop years to date, the United States has exported 1,308 million bushels of corn, down 20 percent from the same period of last year; 1,352 million bushels of soybeans, down 1 percent; and 73 million bushels of wheat, equal to last year. Traders are expecting a further 25-million-bushel cut in U.S. 2019/20 corn and soybean export inspections in the July World Agricultural Supply and Demand Estimates report.

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