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U.S. agricultural futures fall

CHICAGO
2023-02-23 05:43

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CHICAGO, Feb. 22 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Wednesday, led by wheat.

The most active corn contract for May delivery fell 6.25 cents, or 0.92 percent, to settle at 6.7425 U.S. dollars per bushel. May wheat plunged 12.75 cents, or 1.67 percent, to settle at 7.5 dollars per bushel. May soybean lost 9.25 cents, or 0.6 percent, to settle at 15.3475 dollars per bushel.

CBOT agricultural markets were lower with Brazil coming back following the Carnival holiday while traders worry that world grain demand is showing new signs of slowing.

World grain demand has turned soft, and China sees no reason to chase the soybean market higher with Brazil harvesting a record crop that is struggling to find storage. Russian wheat has fallen to a new yearly low with old crop priced below new crop for the first time since the Russia-Ukraine conflict started. Black Sea FOB milling wheat is priced below FOB corn. Chicago-based research company AgResource suggests selling rallies, as a top is forming in soybeans.

Amid the cheapness of Eastern Australian feed wheat landing into Southeast Asia and now Black Sea milling wheat being cheaper than U.S. corn, North African importers will look to wheat as a feedstuff, not corn.

Several bouts of showers are possible in Argentina into the weekend. Weather forecast for Argentina offers below normal rainfall. Brazil will see near normal to above normal rainfall. No extreme heat is forecast and the harvest should continue normally over the next two weeks.
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