CHICAGO, Oct. 20 (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 9 cents, or 1.7 percent, to settle at 5.3925 dollars per bushel. December wheat gained 13.25 cents, or 1.8 percent, to settle at 7.4925 dollars per bushel. November soybean climbed 17.5 cents, or 1.43 percent, to settle at 12.455 dollars per bushel.
CBOT agricultural futures were higher amid bullish U.S. energy data. Chicago-based research company AgResource holds that additional money will find the agricultural space into early 2022 amid ongoing U.S./world inflation and tight per-capita food stocks.
The rapid finding of elevated crop demand requires the U.S. Department of Agriculture (USDA) to keep its corn and soybean yields steady to higher in its November report to prevent sizable downward revisions to U.S. stocks. AgResource holds that seasonal trends will be positive into winter.
Energy Information Administration (EIA) pegged U.S. ethanol production through the week ending Oct. 15 at 322 million gallons, up 19 million gallons from the prior week and the third largest for any week on record. Ethanol inventory last week did not rise significantly.
U.S. crude inventories last week totaled 426.5 million barrels, down slightly from the prior week and down 13 percent from mid-October 2020.
December Paris milling wheat has posted a new contract high of 278.25 euros per ton. International agricultural markets continue to reflect current dire supply tightness, with record South American crop sizes absolutely needed next spring/summer to stabilize global supplies.
Continued net soil moisture loss in Argentina will begin to fuel abnormal heat next week. This warm pattern is forecast to continue into early November. Near ideal conditions will persist across Central and Northern Brazil into early November.
It maintains widespread heavy rainfall east of the Mississippi from Sunday to Tuesday. Dry weather will resume in the eastern Midwest beginning late next week. Enditem
