CHICAGO, April 19 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Wednesday, led by wheat.
The most active corn contract for July delivery fell 8 cents, or 1.24 percent, to settle at 6.365 U.S. dollars per bushel. July wheat plunged 16.75 cents, or 2.36 percent, to settle at 6.9275 dollars per bushel. July soybean lost 12.25 cents, or 0.82 percent, to settle at 14.7875 dollars per bushel.
Ukraine 2023 corn and wheat production will be down substantially on high costs and a lack of finance/capital to seed the new crop. It is Brazil that will be supplying most of world corn and soybean trade in the months ahead. CBOT is in a price pattern of two steps forward and one step back.
Corn planting delays in Northern Central U.S., grain loading strikes in Canada and Argentina need to be closely monitored. Chicago-based research company AgResource holds a statistical bullish view on CBOT corrections into mid to late May.
Russian Agricultural Ministry estimated that Russia will harvest 123 million metric tons of grain including 78 million metric tons of wheat in 2023. The wheat production estimate is well below a host of estimates ranging from 83 to 87 million metric tons.
It is drier for Kansas, Nebraska and Oklahoma with the bulk of rain being pushed farther south into Central Texas and the Gulf of Mexico. Snow looks to become more widespread across the Northern Plains. The combination of cold, rain and snow will keep U.S. spring planting progress at no better than an average rate. Ongoing seeding delays are expected across the northern tier of U.S. states on the chill. ■
