On Monday, agricultural futures at the Chicago Board of Trade (CBOT) saw an overall increase, with soybean leading the way.
The March corn contract, the most active one, went up 0.25 cents, or 0.06 percent, to settle at 4.4575 U.S. dollars per bushel. In the same month, wheat rose 3.25 cents, or 0.55 percent, to settle at 5.965 dollars per bushel. Meanwhile, soybean gained 11 cents, or 0.91 percent, to settle at 12.2425 dollars per bushel.
Soybean’s rise is attributed to a biofuel plant in California receiving environmental approval and set to open soon. Corn and wheat prices increased due to a lack of significant new information.
The U.S. Department of Agriculture (USDA) reported that in the week ending Jan. 18, the United States shipped 28 million bushels of corn, 42.6 million bushels of soybeans, and 11.5 million bushels of wheat.
For the respective crop years to date, the United States has exported 577 million bushels of corn, showing an increase of 104.6 million bushels from the previous year; 982 million bushels of soybeans, exhibiting a decrease of 206 million bushels; and 393 million bushels of U.S. wheat, a decrease of 73.5 million bushels.
Argentina is expected to have limited rainfall over the next 10 days, with intense heat forecast for the following week. This will result in significant soil moisture loss, making the need for rain crucial by mid-February to maintain expected crop yields. Regular showers are anticipated in Northern Brazil, while cool temperatures persist across the region.
