CHICAGO, Jan. 9 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Tuesday, led by wheat.
The most active corn contract for March delivery rose 4.25 cents, or 0.93 percent, to settle at 4.5925 U.S. dollars per bushel. March wheat soared 13.75 cents, or 2.31 percent, to settle at 6.1 dollars per bushel. March soybean gained 3 cents, or 0.24 percent, to settle at 12.485 dollars per bushel.
CBOT agricultural futures bounced on short covering. Egypt's GASC looks to secure Russian or Romanian wheat due to low price offers. CONAB will release 2024 Brazilian corn and soybean crop estimates Wednesday. Rain is in immediate need across South Central Brazil with crops in reproduction. Chicago-based research company AgResource holds that CONAB crop sizes will direct CBOT prices early Wednesday.
U.S. Census November soybean exports were far larger than expected by 30 million bushels. The bigger November export suggests that the U.S. Department of Agriculture (USDA) could drop 2023 Dec. 1 U.S. soybean stocks by an additional 30 million bushels, or 70 to 80 million bushels less than last year if 2023 U.S. soybean crop is not adjusted. U.S. November Census corn exports beat USDA by 24 million bushes, with wheat exports up 2 million bushels.
It is drier across South Central and Northern Brazil. However, the 10-15 day forecast is slightly wetter in this area. Daily shower chances will be centered in Northern Brazil. RGDS and Argentina will see at least normal rainfall with varied temperatures that favor crop yield.
