CHICAGO, Feb. 13 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Monday, led by wheat.
The most active corn contract for March delivery rose 4.5 cents, or 0.66 percent, to settle at 6.85 U.S. dollars per bushel. March wheat gained 6 cents, or 0.76 percent, to settle at 7.92 dollars per bushel. March soybean climbed 0.25 cents, or 0.02 percent, to settle at 15.4275 dollars per bushel.
Soybeans are all about soymeal and the inflow of new investment by money managers. Chicago wheat came close to upside price target at 8.00 dollars while March corn is back testing resistance at 6.85 to 6.95 dollars. Chicago-based research company AgResource holds a bearish view of March soybean above 15.50 dollars.
U.S. export inspections for the week ending Feb. 9 were 20.1 million bushels of corn, 17.35 million bushels of wheat and 57.1 million bushels of soybeans. The wheat export pact was as expected, while corn was less and soybeans were more.
For respective crop years to date, the United States has shipped out 514 million bushels of corn, down 35 percent year on year; 524 million bushels of wheat, down 1 percent; and 1,452 million bushels of soybeans, up 1.5 percent.
Russia indicated that sanctions placed on its agricultural exports must be lifted for the Black Sea Grain Initiative to be renewed. Russia says that economic sanctions that block payments, logistics and insurance are barriers.
The dry weather pattern in Argentina will linger into Feb. 23. Until then, near to below normal temperatures prevail and will aid crops. Another couple of good rains are needed. Brazil will have near to below normal rainfall this week with near to above normal rainfall next week. Some slowing of harvest is possible, but next week's rain will keep soil moisture at elevated level for winter corn.
