CHICAGO, July 7 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Friday, led by corn.
The most active corn contract for December delivery plunged 12 cents, or 2.37 percent, to settle at 4.945 U.S. dollars per bushel. September wheat fell 8.5 cents, or 1.29 percent, to settle at 6.495 dollars per bushel. November soybean lost 21.75 cents, or 1.62 percent, to settle at 13.1775 dollars per bushel.
CBOT grain futures were lower on better rain forecast for the Western and Northern Midwest over the weekend. December corn is heading back to test support at 4.80 to 4.90 dollars while November soybean futures sagged to chart support at 13.00 to 13.25 dollars.
The U.S. Department of Agriculture (USDA) will release its July crop report on Wednesday. Chicago-based research company AgResource doubts that November soybean can drop too far below 13 dollars, warning against pressing breaks or chasing rallies.
U.S. export sales for the week ending June 29 were 14.9 million bushels of wheat, 9.9 million bushels of old and 16.5 million bushels of new crop corn, and 6.9 million bushels of old and 21.8 million bushels of new crop soybeans.
It is learned that China has been a sizeable buyer of at least 18 to 22 cargoes of Brazilian soybeans and three to five cargoes of U.S. soybeans.
Weather forecast is wetter for the Western Midwest and the Northern Plains than previously offered. Such rain late next week would be timely for U.S. row crops. No extreme heat is noted with coolness centered across the Intermountain West and the Western Midwest for another five to six days.
