U.S. agricultural futures fall
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E-mail Xinhua, June 15, 2021
CHICAGO, June 14 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Monday, led by corn.
The most active corn contract for December delivery plunged 28.5 cents, or 4.67 percent, to settle at 5.8125 dollars per bushel. July wheat lost 6.25 cents, or 0.92 percent, to settle at 6.745 dollars per bushel. July soybean shed 36.25 cents, or 2.4 percent, to close at 14.7225 dollars per bushel.
CBOT futures were sharply lower, but found some support on end user pricing and short covering. It is expected that U.S. corn/soybean crop condition ratings will fall 3-5 percent and spring wheat 1-2 percent. The coming rains this weekend and early next week will be of utmost importance for U.S. corn and soybean yield potential, Chicago-based research company AgResource noted.
AgResource Research argues that the top end of 2021 corn, soybean and spring wheat yields have been curtailed by the hot/dry late spring. The market now is extremely sensitive to even modest changes in the Central U.S. climate pattern.
Iowa's soil moisture as measured by the U.S. Drought monitor is at its lowest point looking backwards to 2000. With Iowa being the country's first and second producers of corn and soybeans, rain and cooler temperatures will be of the upmost importance.
U.S. weekly export inspections for the week ending June 10 were 60.8 million bushels of corn, 4.7 million bushels of soybeans and 17.6 million bushels of wheat. For respective crop years to date, the United States has shipped out 2,124 million bushels of corn, 2,087 million bushels of U.S. soybeans, and 24.7 million bushels of wheat, down 21 percent on year for the second week of the new crop year.
China shipped out 21.5 million bushels of U.S. corn last week as its shipping total now exceeds 620 million bushels. China has another 290 million bushels of corn that looks to be imported by the end of the crop year in late August.
Weather forecast shows it will be much drier next week across U.S. Plains and Central Midwest as the looming tropical system turns abruptly eastward into the Southeast. Moisture available for the remainder of the Central U.S. will be scant, leaving rainfall across the Plains and Midwest over the next 10 days limited to regional event.
AgResource's concern over drought expansion and intensification remains elevated. Enditem
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