U.S. Agricultural Futures Fall

Chicago Board of Trade (CBOT) agricultural futures fell across the board on Thursday, led by wheat

CHICAGO, Nov. 25 (UrduPoint / Pakistan Point News - 25th Nov, 2021 ) --: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 2.75 cents, or 0.47 percent, to settle at 5.855 U.S. Dollars per bushel. March wheat plunged 17.25 cents, or 1.99 percent, to settle at 8.5025 dollars per bushel. January soybean shed 6.5 cents, or 0.51 percent, to settle at 12.665 dollars per bushel.

Wheat futures corrected on profit taking as row crops followed. Grain markets worldwide are heavily overbought and profit taking will occur periodically with wheat at 9-year highs.

Argentine corn crop ratings will stay historically high in the near-term. The volume of trade has been surprisingly robust for a pre-holiday session, Chicago-based research company AgResource noted.

A correction in wheat was needed and March CBOT can lose another 15-20 cents and still maintain a longer-term bullish trend. AgResource advises end users to add to supply coverage only on nearby corrections. Longer term, grain price determination will hinge upon South American weather, and whether dry December-January climate outlook in Argentina and Southern Brazil are proven correct.