U.S. agricultural futures rise

0 Comment(s)Print E-mail Xinhua, October 24, 2020
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CHICAGO, Oct. 23 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Friday, led by wheat.

The most active corn contract for December delivery rose 3 cents, or 0.72 percent, to close at 4.1925 U.S. dollars per bushel. December wheat soared 10 cents, or 1.61 percent, to settle at 6.3275 dollars per bushel. November soybean gained 10 cents, or 0.93 percent, to close at 10.8375 dollars per bushel.

A retest of the highs in wheat along with fresh rally highs in corn has lifted agricultural futures. Agricultural products trading systems are also reacting to the news that China could issue new rounds of TRQ import licenses for future purchases of world corn, said Chicago-based research company AgResource.

AgResource tied the rally in corn to the expectation that the United States will be the only game in town until new crop Argentine corn supplies are available in March/April.

U.S. Department of Agriculture (USDA) reported the sale of 100,000 metric tons of U.S. corn to an unknown destination. No new sales were for U.S. wheat or soybeans. The Chinese interest in U.S. soybeans has dramatically slowed this week, said AgResource. China has already secured 31 million metric tons of U.S. soybeans for the 2020-2021 crop year.

The Russian wheat market continues to rally on adverse new crop weather and farmers that are loath to sell stored supplies.

Corn prices continue to rise sharply in Ukraine and Brazil as domestic end users and exporters compete for limited supplies. Brazilian corn prices have rallied more than 50 cents in the interior on the push by exporters.

A daily chance of rain exists across Brazil into Nov. 6. Showers start Friday and will continue for the next two weeks. The coming moisture is quickening the pace of corn and soybean planting throughout South America.

Key in the next week will be whether rain falls across the Plains and the first USDA National Agricultural Statistics Service (NASS) winter wheat crop rating due out Monday, AgResource said. Enditem

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