CHICAGO, Nov. 24 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Friday, led by soybean.
The most active corn contract for March delivery fell 5.25 cents, or 1.08 percent, to settle at 4.825 U.S. dollars per bushel. March wheat lost 7.25 cents, or 1.24 percent, to settle at 5.7725 dollars per bushel. January soybean plunged 25.75 cents, or 1.9 percent, to settle at 13.3075 dollars per bushel.
Most fund managers turn off trading systems fearing expanded volatility during the holidays. Chicago-based research company AgResource holds that Brazilian rainfall in December stays the price key.
The U.S. Department of Agriculture announced the sale of 452,000 metric tons of soybeans to China and unknown destinations in the 2022-2023 crop year.
U.S. export sales for the week ending Nov. 16 were 6.3 million bushels of wheat, 56.4 million bushels of corn and 35.3 million bushels of soybeans.
For respective crop years to date, the United States has sold 443 million bushels of wheat, down 9 percent; 887 million bushels of corn, up 27 percent; and 1,068 million bushels of soybeans, down 20 percent.
Argentine and Brazilian farmers are unwilling sellers in a down CBOT market. Brazil approved a mandate on 20 percent biodiesel imports and to raise the domestic blending rate from 12 percent to 14 percent in 2024.
It is drier across Northern Brazil with limited rainfall for at least the next week. The heat and dryness push soybean crop maturity. Rainfall across the southern one-third of Brazil will be regular over the next 10 days. Soils are saturated from Southern Parana southward. The high pressure ridge across Northern Brazil stays a concern.
