CHICAGO, May 10 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Monday, led by wheat.

The most active corn contract for July delivery fell 20.5 cents, or 2.8 percent, to settle at 7.1175 dollars per bushel. July wheat plunged 31.25 cents, or 4.1 percent, to settle at 7.305 dollars per bushel. July soybean lost 2.25 cents, or 0.14 percent, to close at 15.875 dollars per bushel.

CBOT agricultural futures were in correction on fund liquidation ahead of U.S. Department of Agriculture (USDA) May report due on Wednesday, Chicago-based research company AgResource noted.

The report is one of the most important of the spring, and the recent conservative nature of USDA regarding China has placed fund managers on the defensive.

USDA announced the sale of 1,020 million metric tons of U.S. corn to China in the 2021-2022 crop year. This takes 2-day China corn purchases to 2.38 million metric tons on a known basis. China also canceled 280,000 metric tons of old crop corn.

USDA estimated weekly U.S. export shipments for the week ending May 6 were 67.2 million bushels of corn, 8.7 million bushels of soybeans and 20.0 million bushels of wheat. For respective crop years to date, the United States has exported 1,778 million bushels of corn, up 79 percent; 2,046 million bushels of soybeans, up 63 percent; and 870.7 million bushels of wheat, up 1 percent.

Weather is drier across the Northern U.S. Plains, Canada, and the Northwestern Midwest. A dire drought is building across the Northern Plains and Canada that is highly concerning to yield.

The market is to the upside on worrisome arid weather for Canadian Prairies, U.S. Northern Plains, U.S. Northern Midwest and Brazil. AgResource stays bullish on agricultural futures, holding a bottom should form either Monday or by early Tuesday. Enditem

Related

Go to Forum >>0 Comment(s)