Chicago Board of Trade (CBOT) agricultural futures rose across the board, led by soybean. The most active corn contract for December delivery rose 7.25 cents, or 1.54 percent, to settle at 4.7725 U.S. dollars per bushel.
December wheat gained 7 cents, or 1.24 percent, to settle at 5.725 dollars per bushel. January soybean soared 23.5 cents, or 1.77 percent, to settle at 13.5175 dollars per bushel. A key reversal is noted in December corn futures following its drop to new contract lows. Soybean futures pushed strongly above the 50-day moving average at 13.32 dollars. Brazilian weather has reached a point where crop production potential is in retreat. Chicago-based research company AgResource worries that current weather pattern could extend into December. The U.S. Department of Agriculture announced that 131,500 metric tons of U.S. soybeans were sold to an unknown destination in the 2022-2023 crop year.—Xinhua
