U.S. agricultural futures rise-Xinhua

U.S. agricultural futures rise

Source: Xinhua

Editor: huaxia

2023-11-14 06:12:15

CHICAGO, Nov. 13 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Monday, led by corn.

The most active corn contract for December delivery soared 13.25 cents, or 2.86 percent, to settle at 4.7725 U.S. dollars per bushel. December wheat rose 3.75 cents, or 0.65 percent, to settle at 5.79 dollars per bushel. January soybean gained 35 cents, or 2.6 percent, to settle at 13.825 dollars per bushel.

Corn and soybean futures were sharply higher on heat and dryness in Brazil. Brazilian soybean planting is projected to have reached 55-57 percent complete, as against 66 percent a year ago. Excessive rainfall will continue to batter the southern one-fourth of Brazil this week. Yield risks are higher for corn than soybeans in Brazil.

In the long run, the size of Brazil's safrinha corn crop is a big deal for the United States, the world and exporter corn supply and demand. Chicago-based research company AgResource holds that weather-based volatility lies ahead.

U.S. corn export inspections in the week ending Nov. 9 totaled 24 million bushels, as against 22.6 million bushels in the previous week; wheat inspections were 7.6 million bushels, as against 4.2 million bushels; and soybean export inspections were 61.2 million bushels, as against 80.2 million bushels.

For respective crop years to date, the United States has inspected for export 243 million bushels of corn, 23 percent above last year; 273 million bushels of wheat, down 26 percent; and 516 million bushels of soybeans, down 6 percent year on year.

Following recent Chinese demand and the lack of supply availability in Brazil in late January and early February, the near term U.S. soybean export outlook has brightened.

Exceptional heat and complete dryness will blanket Central and Northern Brazil into Nov. 21-22. Moderate rain expands northward into Mato Grosso do Sul and Mato Grosso on Nov. 22-25, but a pattern of dryness resumes thereafter into Nov. 29.