U.S. agricultural futures fall

0 Comment(s)Print E-mail Xinhua, July 23, 2021
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CHICAGO, July 22 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Thursday, led by wheat.

The most active corn contract for December delivery fell 7.25 cents, or 1.28 percent, to settle at 5.6125 U.S. dollars per bushel. September wheat plunged 18.5 cents, or 2.6 percent, to settle at 6.9225 dollars per bushel. November soybean lost 27.5 cents, or 1.98 percent, to settle at 13.6225 dollars per bushel.

CBOT agricultural futures were sharply lower on heavy fund selling, the Chicago-based research company AgResource noted. November soybean fell back to support at 13.25 to 13.50 dollars.

Weekly U.S. export sales for the week ending July 15 were 17.4 million bushels of wheat, 2.3 million bushels of old crop and 6.5 million bushels of new crop soybeans, and net cancellations of 2.1 million bushels of old crop and sales of 6.5 million bushels of new crop corn. China cancelled just over 2 cargoes of U.S. old crop corn which fueled the net corn cancellations for the week.

For respective crop years to date, the United States has sold 279 million bushels of wheat, down 46 million bushels or 14 percent year on year; 2,278 million bushels of U.S. corn, up 1,026 million bushels or 60 percent; and 2,278 million bushels of U.S. soybean, up 574 million bushels or 34 percent.

AgResource expects that the CBOT break combined with the sharp rise in Brazilian FOB corn/soybean export offer prices should push back world demand to the United States. There is talk that China has become interested in securing U.S. soybean for an October forward timeslot.

Weather forecast shows it is drier across Minnesota, Iowa, Western Illinois and Wisconsin, and wetter through the Delta/Southeast U.S. where rains should be regular. A strong high-pressure ridge will hold across the Plains, the Delta, and Intermountain West next week. It has not rained across Iowa/Minnesota/South Dakota in over a week. AgResource sees the weather as crop threatening. Enditem

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