CHICAGO, July 21 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Friday, led by wheat.
The most active corn contract for December delivery fell 10 cents, or 1.83 percent, to settle at 5.3625 U.S. dollars per bushel. September wheat plunged 29.5 cents, or 4.06 percent, to settle at 6.975 dollars per bushel. November soybean lost 3 cents, or 0.21 percent, to settle at 14.0175 dollars per bushel.
Corn and wheat futures sagged on profit taking into an uncertain weather and geopolitical weekend. CBOT volume has been well below normal as few are willing to add to risk amid so many uncertainties.
The lack of any extended period of heat is pressuring corn and soybean futures, while Black Sea geopolitical tension has wheat under pressure. Chicago-based research company AgResource warns against selling breaks, hoping volatile CBOT trade will persist.
The United Nations warned on Friday that many may die, with 362 million people in 69 countries in dire need of humanitarian aid. The world body claimed that some will go hungry and some will starve, based on the decision not to keep the Ukraine grain export corridor open.
Argentina is expected to announce a corn-dollar program late Friday or on the weekend to prod farmers to sell stored corn. Argentine farmers are estimated to be holding around 22-23 million metric tons of corn.
Limited rain is forecast for U.S. Midwest. Heat will build early next week as the high pressure ridge over southwest United States amplifies north and east. The mean position of the ridge retrogrades to the Intermountain West.
