U.S. Agricultural Futures Rise

U.S. agricultural futures rise

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

CHICAGO, Dec. 2 (UrduPoint / Pakistan Point News - 2nd Dec, 2021 ) --:Chicago Board of Trade (CBOT) agricultural futures rose across the board on Wednesday, led by soybean.

The most active corn contract for March delivery rose 4 cents, or 0.7 percent, to settle at 5.715 U.S. Dollars per bushel. March wheat climbed 3.25 cents, or 0.41 percent, to settle at 7.905 dollars per bushel. January soybean gained 11 cents, or 0.9 percent, to settle at 12.2825 dollars per bushel.

Corn and soybean led the advance as short- and long-term weather outlooks in Argentina and southern Brazil turn worrisomely dry. Volatility will stay elevated for the foreseeable futures, but Chicago-based research company AgResource maintains that breaks from current prices will be brief and shallow.

Money flow and macro market activity will have an outsized impact on agricultural price determination into late year. The market cannot tolerate additional exporter supply dislocation.

U.S. ethanol production through the week ending Nov. 26 totaled 304 million gallons, as against 317 million gallons in the previous week and the lowest level since early October. Ethanol stocks were 853 million gallons, down 4 percent from last year. Production margins remain incredible profitable, with cash ethanol across U.S. Midwest perched above 3.20 dollars per gallon.