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U.S. agricultural futures rise

CHICAGO
2022-10-21 05:16

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CHICAGO, Oct. 20 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Thursday, led by soybean.

The most active corn contract for December delivery rose 5.75 cents, or 0.85 percent, to settle at 6.84 U.S. dollars per bushel. December wheat climbed 8 cents, or 0.95 percent, to settle at 8.4925 dollars per bushel. November soybean gained 19 cents, or 1.38 percent, to settle at 13.915 dollars per bushel.

CBOT agricultural futures were higher amid supportive macro input, better than expected soybean export sales and this week's flood of importer wheat demand.

The markets lack clear goals in the very short run. Chicago-based research company AgResource fears a more pronounced period of long liquidation December onward without South American weather threats.

U.S. soybean export sales in the week ending Oct. 13 totaled 86 million bushels, as against 27 million bushels in the previous week and the largest one-week total since mid-October a year ago. Corn sales totaled 16 million bushels, as against 8 million bushels in the prior week. And U.S. wheat sales totaled 6 million bushels, as against 8 million bushels in the prior week.

The U.S.'s window to maximize exports will be closing rapidly beyond mid-December.

Corn futures and cash prices have found support instead from rising ethanol margins.

A warmer temperature profile will begin across Central U.S. on Friday. It is wetter in Central Argentina.
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