CHICAGO, Feb. 12 (Xinhua) — Chicago Board of Trade (CBOT) agricultural futures rose across the board on Monday, led by soybean.
The most active corn contract for March delivery rose 1.5 cents, or 0.35 percent, to settle at 4.305 U.S. dollars per bushel. March wheat climbed 0.75 cents, or 0.13 percent, to settle at 5.975 dollars per bushel. March soybean gained 9.5 cents, or 0.8 percent, to settle at 11.93 dollars per bushel.
Corn and wheat futures have been pulled from losses on short covering in extremely slow volume. It does not take much volume to push the markets around with South America and Southeast Asia on holiday.
There is a six-cent positive spread for June/July Brazilian soybeans. This premium structure suggests that the Brazilian soybean crop is well under the U.S. Department of Agriculture (USDA) estimate. Chicago-based research company AgResource maintains that soyoil will outperform soymeal with any break being corrective.
U.S. weekly grain inspections for the week ending Feb. 8 were 34.6 million bushels of corn, 48.7 million bushels of soybeans and 15 million bushels of wheat.
For respective crop years to date, the United States has exported 676.6 million bushels of corn, up 31 percent year on year; 1,130 million bushels of soybeans, down 23 percent; and 430.3 million bushels of wheat, down 18 percent.
Brazilian soybean farm association Aprosoja estimates the 2024 Brazilian soybean crop in range of 130 to 135 million metric tons, the lowest of Brazilian private soybean crop forecast.
It is slightly drier for Argentina and Southern Brazil for the next two weeks. Rainfall in Northern and Central Brazilian rainfall will be normal amid a lack of heat, crop yields should respond favorably.