CBOT crop futures settle higher on slow U.S. harvest pace

0 Comment(s)Print E-mail Xinhua, November 20, 2019
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CHICAGO, Nov. 19 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures gained across the board on Tuesday over slow harvest pace and low crop ratings.

The most active corn contract for December delivery was up 2.25 cents, or 0.61 percent to settle at 3.70 U.S. dollars per bushel. March wheat rose 4.5 cents, or 0.88 percent to 5.1525 dollars per bushel. January soybeans were up 1.25 cents, or 0.14 percent to 9.115 dollars per bushel.

In a weekly crop progress report released late Monday, the U.S. Department of Agriculture (USDA) pegged the U.S. corn harvest at 76 complete as of Nov. 17, well behind last year's 89 percent and 2014-18 average pace of 92 percent for the same time of year.

Additional support for corn came from fresh export sales. USDA confirmed on Tuesday that private exporters reported fresh export sales of 191,000 metric tons of corn for delivery to unknown destinations during the 2019/20 marketing year, which started on Sept. 1.

Also in Monday's crop progress report, USDA put harvested soybeans at 91 percent, matching the pace of last year but lower than the five-year average of 95 percent.

As for U.S. winter wheat conditions, USDA said that 52 percent was rated good to excellent, compared to 54 percent last year and 56 percent in average in the previous five years.

Relatively slow harvest pace and unsatisfactory crop conditions led to massive buying on Tuesday. Enditem

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