CHICAGO, Dec. 2 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Thursday, led by wheat.
The most active corn contract for March delivery rose 5.25 cents, or 0.92 percent, to settle at 5.7675 U.S. dollars per bushel. March wheat soared 24.5 cents, or 3.1 percent, to settle at 8.15 dollars per bushel. January soybean gained 16 cents, or 1.3 percent, to settle at 12.4425 dollars per bushel.
Wheat rallied as talk grew that the Saudi tender for April-June wheat could include U.S. hard red winter (HRW) wheat from the Gulf. Corn was higher on reports that China is back securing Ukraine corn and Aussie wheat, while drought fears for Southern Brazil and Argentina remain, Chicago-based research company AgResource noted. The future supply risks of world crops are pointed downwards into 2022.
AgResource holds that the first notice day lows in CBOT markets were scored in the middle of the week as new variant virus caused speculative liquidation. As the tightening of world grain stocks is ongoing with South American weather concerning, bull trends of CBOT should persist.
U.S. export sales for the week ending Nov. 26 were 2.9 million bushels of wheat, 40.2 million bushels of corn and 39.1 million bushels of soybean. For respective crop years to date, the United States sold 526 million bushels of wheat, down 22 percent year on year; 1,395 million bushels of corn, down 7 percent; and 1,365 million bushels of soybeans, down 29 percent.
China and an unknown destination booked 294,000 metric tons of U.S. soybeans.
AgResource looks for China to import greater quantities of world grain this year.
The floating Russian export tax rate will limit the country's new crop sales in the months ahead. EU wheat stocks are declining rapidly amid strong world demand.
High-pressure Ridging aloft across Argentina and Southern Brazil will restrict the flow of moisture for the next two weeks. Temperatures will start to warm this weekend under the Ridge. Crop critical weather lies ahead with soil moisture in fast retreat. Enditem
