U.S. agricultural futures rise

Xinhua
01 Aug 2020, 07:18 GMT+10

CHICAGO, July 31 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Friday, led by soybean.

The most active corn contract for December delivery rose 0.25 cents, or 0.08 percent, to close at 3.27 U.S. dollars per bushel. September wheat gained 1.75 cents, or 0.33 percent, to settle at 5.3125 dollars per bushel. November soybean climbed 4.25 cents, or 0.48 percent, to close at 8.925 dollars per bushel.

CBOT traders estimate that funds have bought 2,800 contracts of soybeans, 1,700 contracts of corn and 3,700 contracts of wheat.

The U.S. Department of Agriculture (USDA) reported the sale of 114,300 metric tons of corn to Mexico. Corn can't hold a rally amid large old crop stocks and the coming harvest in 2 weeks in the Gulf States, Chicago-based consulting company AgResource noted.

Farmers in Brazil have now harvested 65 percent of the winter corn crop, a pace well below last year and the 5-year average, AgResource's Brazilian office estimated.

China did not show up securing any U.S. soybeans for the 4th consecutive day. Chinese demand is needed for U.S. soybeans next week as the Central U.S. weather forecast is favorable and yield prospects are brightening, AgResource noted.

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