CHICAGO, Sept. 7 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Tuesday, led by corn.

The most active corn contract for December delivery plunged 13.25 cents, or 2.53 percent, to settle at 5.1075 U.S. dollars per bushel. December wheat fell 6.5 cents, or 0.9 percent, to settle at 7.1975 dollars per bushel. November soybean lost 15 cents, or 1.16 percent, to settle at 12.77 dollars per bushel.

CBOT values were lower as the fund selling pace quickens on Hurricane Ida related U.S. Gulf export delays and the acute weakness that is being felt in cash basis bids. Chicago-based research company AgResource holds that fund managers are paring risk ahead of U.S. Department of Agriculture (USDA) September Crop Report due out on Friday.

World corn, wheat and soybean export trade is record large, and it's just not yet being felt in the United States. AgResource holds that when the Gulf gets back on its feet, that demand should be reflected in price.

U.S. exports inspection for the week ending Sept. 2 were 10.8 million bushels of corn, 2.5 million bushels of soybean and 14.0 million bushels of wheat. The closing of the facilities in the Gulf following Ida had a massive impact on U.S. exports. This will place the United States well below a year ago when export facilities were operating normally.

Cash traders are telling the farmers to store as much of its early harvest as possible. And Chinese buyers are anxious to advance their purchases once Gulf cash trade resumes.

Weather forecast shows it is drier for the Lake States and the Upper Midwest. A high-pressure ridge holds across the West Central U.S. which will produce a warm/dry weather pattern. U.S. corn and soybean crop maturity is being pushed by the warmth. The Midwest harvest will start in earnest sometime next week. Enditem

Related

Go to Forum >>0 Comment(s)