Tue, 27 Sep 2022

U.S. agricultural futures rise

Xinhua
10 Aug 2022, 06:55 GMT+10

CHICAGO, Aug. 9 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Tuesday, led by soybean.

The most active corn contract for December delivery rose 6.75 cents, or 1.11 percent, to settle at 6.14 U.S. dollars per bushel. September wheat gained 1.75 cents, or 0.22 percent, to settle at 7.815 dollars per bushel. November soybean soared 28.75 cents, or 2.05 percent, to settle at 14.2875 dollars per bushel.

Few traders want to add to risk profile with U.S. July inflation data to be released on Wednesday and the U.S. Department of Agriculture (USDA) August Crop Report on Friday. Risk adjustment will be ongoing into Friday.

Chicago-based research company AgResource holds that end users and importers are hoping for a bearish USDA August report to add to longer term purchases.

The USDA reported that China booked 133,000 metric tons of U.S. corn, another sign that China will continue to secure U.S. agricultural products.

It is drier for the Plains and the Western Midwest for the next 8-9 days with limited rain. The heat and dryness will further stress crops and potentially push a larger portion of corn and soybeans in Nebraska, Kansas, Missouri and southwest Iowa to poor or very poor condition. Nevertheless, several shower events will keep corn and soybean crops in Eastern Midwest well-watered.

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