CHICAGO, Aug. 29 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Tuesday, led by wheat.
The most active corn contract for December delivery fell 9.5 cents, or 1.91 percent, to settle at 4.8675 U.S. dollars per bushel. December wheat plunged 16.5 cents, or 2.67 percent, to settle at 6.005 dollars per bushel. November soybean shed 13.25 cents, or 0.94 percent, to settle at 13.925 dollars per bushel.
CBOT agricultural futures sagged in corrective trade as traders debate the impact on yields of another two weeks of hot and dry weather in U.S. Midwest. Wheat futures have pushed to new lows.
Chicago-based research company AgResource warns against selling breaks, holding the market is following the price pattern in recent weeks with a rally to start the week, a mid-week break and a recovery to add weather premium ahead of a long holiday weekend.
The U.S. Department of Agriculture announced daily sale of 246,000 metric tons of soybeans and 105,000 metric tons of soymeal to unknown destinations.
Stats Canada estimated 2023 crops at 29.4 million metric tons of all wheat, down 14 percent from last year; 2.4 million metric tons of oat crop, down 54 percent; and 17.6 million metric tons of canola crop, down 6 percent. Canadian 2023-2024 wheat exports will likely be cut to 20-21 million metric tons, compared to 25.50 million metric tons in 2022.
An extended period of little to no rainfall with above normal temperatures is forecast to start Friday across the Plains, the Midwest and the Delta areas. High pressure ridging holds across the Central United States with record heat forecast in the 6-15 day period. The extreme heat will add new stress to corn and soybeans. Central U.S. soil moisture is in sharp decline and crop in the driest areas could endure premature death.
