Fri, 09 Dec 2022

U.S. agricultural futures rise

Xinhua
05 May 2022, 07:18 GMT+10

CHICAGO, May 4 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Wednesday, led by wheat.

The most active corn contract for July delivery rose 1.25 cents, or 0.16 percent, to settle at 7.9425 U.S. dollars per bushel. July wheat soared 31 cents, or 2.97 percent, to settle at 10.765 dollars per bushel. July soybean gained 10 cents, or 0.61 percent, to settle at 16.405 dollars per bushel.

Wheat futures held solid gains as there remains some political uncertainty in the news as to the Indian wheat export ban or restriction.

Chicago-based research company AgResource sees high odds that India will ban exports to let sellers out of existing export contracts. The Indian wheat crop is more than 50 percent harvested and later maturing wheat will yield less than the early cut varieties. Paris September wheat is at a new contract high. AgResource suggests looking for increased volatility surrounding the rate hike by the Federal Reserve, saying any break in corn and soybean will be temporary on strong domestic and export demand.

There are rumors that China is back asking for offers on U.S. soybeans and new crop U.S. corn.

Census reported that the United States exported 117.1 million bushels of soybeans and a far larger than expected 266.5 million pounds of soyoil in March, as compared to 84.3 million bushels of soybean export and 155.8 million pounds of soyoil export last year.

Meanwhile, the United States exported 293 million bushels of corn in March, 36 million bushels more than weekly inspections. In fact, U.S. corn exports for the crop year to date stand at 1,417 million bushels, as against 1,483 million bushels last year.

The Oklahoma Grain/Feed Association in a survey pegged the state's hard red winter (HRW) wheat yield at 58 million bushels, down 51 percent from last year.

Frequent storm systems will be passing across the Central U.S. over the next 10 days. A Ridge of High Pressure will be lifting the Jet Stream northward across the Eastern U.S. with warmer temperatures to evolve by the weekend. The slowest area will be the Northwest Midwest and Northern Plains where rain totals will be the heaviest. The 2022 U.S. corn, soybean crops will be late seeded.

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