CHICAGO, Sept. 28 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Tuesday, led by wheat.

The most active corn contract for December delivery fell 7 cents, or 1.3 percent, to settle at 5.325 dollars per bushel. December wheat plunged 15.75 cents, or 2.18 percent, to settle at 7.065 dollars per bushel. November soybean lost 10.5 cents, or 0.82 percent, to settle at 12.77 dollars per bushel.

CBOT agricultural futures went lower as macro weakness spills into agricultural markets. Crude oil futures turned lower, the Dow went lower as worry over the U.S. government shutdown and debt limit hike rattles traders. The financial headwinds and the coming September U.S. Department of Agriculture (USDA) report sparked Monday's buyers to be Tuesday's CBOT sellers. Chicago-based research company AgResource offers support below 5.31 dollars for December corn; at 12.7 dollars for November soybean; and below 7.05 dollars for December wheat.

Potentially large adjustments to 2021-2022 U.S. corn and soy carryover, along with final U.S. wheat production, are due out on Thursday. AgResource suggests odds are high that final 2021-2022 stocks are trimmed.

USDA reported the sale of 150,000 metric tons of U.S. corn to Mexico.

Weather forecast has shifted near-term rainfall eastward into the Central Plains and bulk of the Midwest. Moderate but lingering rainfall will impact this area from Thursday to Sunday. The pace of corn and soybean harvest will slow in the near-term, but widespread dryness will resume Oct. 4-8. Enditem

Related

Go to Forum >>0 Comment(s)