CHICAGO, June 21 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Wednesday, led by wheat.
The most active corn contract for December delivery rose 31.25 cents, or 5.23 percent, to settle at 6.2875 U.S. dollars per bushel. September wheat soared 39.5 cents, or 5.57 percent, to settle at 7.4825 dollars per bushel. November soybean gained 34.25 cents, or 2.55 percent, to settle at 13.77 dollars per bushel.
CBOT corn, soybean and wheat are sharply higher on threatening weather and reduced U.S. corn and soybean yield potential.
It is all about U.S. supply and weather into July. A below normal rainfall trend may reduce yield potential of corn and soybean. Chicago-based research company AgResource warns against selling breaks.
The U.S. Environmental Protection Agency finalized the blending mandates for 2023 at 20.94 billion gallons, 21.54 billion gallons in 2024 and 22.33 billion gallons in 2025.
India is asking Russia daily for FOB wheat export offers. The Indian government estimates that India will harvest a crop of 112.7 million metric tons in 2023. The U.S. Department of Agriculture estimates that India will consume 109 million metric tons of wheat in 2023-2024 following demand of 110 million metric tons last year.
Weather forecast offers limited rain for the drought areas of Illinois, Indiana, Michigan, Wisconsin and Missouri. Crops in the Midwest are in no position to endure any lasting heat with soil moisture in sharp decline. ■
