CHICAGO, July 12 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Monday, led by wheat.

The most active corn contract for December delivery rose 16 cents, or 3.09 percent, to settle at 5.33 dollars per bushel. September wheat soared 25.75 cents, or 4.19 percent, to settle at 6.4075 dollars per bushel. November soybean climbed 21 cents, or 1.58 percent, to settle at 13.5025 dollars per bushel.

CBOT agricultural futures rose based on neutral to slightly positive July World Agricultural Supply and Demand Estimates (WASDE) report and crop report, Chicago-based research company AgResource noted.

U.S. 2021-2022 corn end stocks at 1,432 million bushels is likely to be the high of the crop year based on a record U.S. corn yield of 179.5 bushels per acre (BPA). However, the record U.S. corn yield was 176.6 BPA set back in 2018.

WASDE raised its estimate of 2020-2021 corn feed/residual use by 25 million bushels to 5,725 million bushels and cut end stocks to 1,082 million bushels. No change was made to the U.S. ethanol grind even with the U.S. gasoline demand running hot in the post-pandemic economy.

U.S. 2021-2022 corn production was raised 180 million bushels based on an additional 1.0 million harvested acres found in the June Seeding Report.

U.S. soybean 2020-2021 and 2021-2022 balance sheets were completely unchanged from June with stocks of 135 and 155 million bushels, respectfully. Such stocks are historically tight and reflect zero room for adverse weather. China's 2021-2022 soybean imports were adjusted down by 1 million metric tons to 102 million metric tons. The risk in CBOT soybean futures is to the upside.

U.S. Department of Agriculture (USDA) pegged U.S. all wheat production at 1,746 million bushels, as against 1,898 million bushels in June. U.S. wheat stocks were placed at 665 million bushels, as against 770 million bushels in June.

Major exporter wheat production is pegged at 409 million metric tons, down 2.7 million metric tons from June and up just 2.4 million metric tons from last year. Exporter wheat stocks in 2021-2022 fall to 60 million metric tons, a new 8-year low. The long-term bull trend in world wheat markets will be extended into the winter months.

CBOT futures will go back to counting raindrops. But weather forecast maintains the return of dryness across the Central and Northern Plains into July 25. As U.S. exporter stocks are historically tight, demand-led bull markets will be the market's future. Enditem

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