Markets > Futures

U.S. agricultural futures fall

CHICAGO
2022-04-07 05:24

Already collect



CHICAGO, April 6 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Wednesday, led by soybean.

The most active corn contract for May delivery fell 3.25 cents, or 0.43 percent, to settle at 7.565 U.S. dollars per bushel. July wheat lost 4.75 cents, or 0.45 percent, to settle at 10.4075 dollars per bushel. May soybean shed 11.5 cents, or 0.71 percent, to settle at 16.195 dollars per bushel.

Following two days of sizeable gains, traders are banking profits ahead of CONAB and the World Agricultural Supply and Demand Estimate (WASDE) on Thursday and Friday. Chicago-based research company AgResource doubts that any CBOT break will carry very far either in price or time.

The bullish fundamental outlook of the CBOT has not changed. It is a low volume market pause following two days of solid gains. The fears are growing that the Russia-Ukraine conflict could carry on for months and potentially years. CBOT values are not pricing in such an extended period of military activity. The spring planting season has started across Ukraine and activity is subdued. Amid the widening loss of infrastructure and deepening sanctions on Russia, the CBOT outlook stays bullish.

U.S. Department of Agriculture (USDA) announced that 132,000 metric tons of U.S. soybeans were sold to China. In fact, the United States will single handedly fill the world soybean market from July onward.

U.S. weekly ethanol production was 295 million gallons, down 10 million gallons from the week prior but up 3 percent from last year. This was the first week in four that U.S. ethanol production did not exceed the 300 million gallons/week needed to reach the USDA annual U.S. forecast.

There will be limited rainfall for Southern and U.S. Central Plains. The Midwest will endure rain every 4-5 days with a potent system due during the middle of next week producing widespread heavy snows across South Dakota, Minnesota, and Northern Wisconsin. The cold and wet forecast offers little chance to seed spring crops.
Add comments

Latest comments

Latest News
News Most Viewed