U.S. Agricultural Futures Rise

Umer Jamshaid Published June 09, 2021 | 05:03 PM

Chicago Board of Trade (CBOT) agricultural futures rose across the board on Wednesday, led by soybean.

CHICAGO (UrduPoint / Pakistan Point News - 9th Jun, 2021 ) :-- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Wednesday, led by soybean.

The most active corn contract for July delivery rose 0.75 cents, or 0.11 percent, to settle at 6.8 Dollars per bushel. July wheat gained 5 cents, or 0.74 percent, to settle at 6.85 dollars per bushel. July soybean climbed 19.75 cents, or 1.27 percent, to close at 15.8 dollars per bushel.

CBOT agricultural futures were higher on concerning Central U.S. weather as well as amid the fall in U.S. spring wheat and corn crop conditions, Chicago-based research company AgResource noted.

Like markets, weather is trend following and the acute dryness across the Western half of the United States is extremely worrisome.

U.S. Department of Agriculture (USDA) will be out with its June Crop Report on Thursday.

The United States exported a record 334.6 million bushels of corn, 96.1 million bushels of wheat and 51 million bushels of soybeans in April.

Weather forecast added rain for the North Dakota on Friday, But the often more accurate Canadian model is drier. A high pressure Ridge is forming in the Southwest U.S. and progressing eastward, creating a broad Ridge/Trough pattern across the Central U.S. This is generally a dry weather pattern.