CHICAGO, Feb. 15 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Thursday, led by wheat.
The most active corn contract for March delivery fell 6.5 cents, or 1.53 percent, to settle at 4.1775 U.S. dollars per bushel. March wheat plunged 18.5 cents, or 3.16 percent, to settle at 5.67 dollars per bushel. March soybean lost 8.25 cents, or 0.7 percent, to settle at 11.6225 dollars per bushel.
The U.S. Department of Agriculture (USDA) Outlook Forum offered a bearish outlook for the year ahead, with corn stocks rising to 2.5 million bushels, soybean stocks increasing to 435 million bushels and wheat stocks rising to 769 million bushels.
However, CBOT markets are deeply oversold with record or near-record fund short positions. Chicago-based research company AgResource holds that a major short-covering rally lurks.
USDA has best guess for U.S. planting intentions for 2024-2025. Total wheat acreage was estimated at 47 million acres, down from 49.6 million acres in 2023; corn acreage was projected at 91 million acres, down from 94.6 million acres in 2023; and soybean acreage was forecast at 87.5 million acres, up from 83.6 million acres last year. Total acreage for the 3 principal crops of 225.5 million acres was down 2.3 million acres.
USDA also estimated an expected corn yield of 181 bushels per acre (BPA) and a soybean yield of 52 BPA.
The National Oilseed Processors Association (NOPA) reported a record large January soybean crush rate of 185.8 million bushels.
Good rains are maintained for much of the Northern Brazilian crop-growing regions over the next 10 days. It is the key growing regions of Southern Brazil and Argentina that look to be short on rain into the end of February. Crop potential is rolling back amid dry soil moisture.
