CHICAGO, Oct. 13 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Wednesday, led by wheat.
The most active corn contract for December delivery fell 10.25 cents, or 1.96 percent, to settle at 5.1225 dollars per bushel. December wheat plunged 15.25 cents, or 2.08 percent, to settle at 7.1875 dollars per bushel. November soybean lost 3 cents, or 0.25 percent, to settle at 11.9525 dollars per bushel.
Massive fund selling is pummeling corn, soybean and wheat futures, which is the leftover bearishness from Tuesday's U.S. Department of Agriculture's (USDA) October data. China is picking up its soybean purchase pace. Chicago-based research company AgResource expects the next downside support rests at 5 dollars for December corn and 11.70 dollars for November soybean.
There remains an investable story for U.S./world agricultural product into spring, AgResource holds.
USDA daily reporting system featured U.S. soybean export sales of 528,000 tons to China and unknown destinations. Exporters also sold 162,000 tons of corn to unknown destinations. AgResource holds that key to a lasting price recovery in the near term is an acceleration in export demand following bearish USDA data, as focus moving forward is shifting from debating yield to measuring the pace of consumption.
It is reported that Iranian wheat imports may reach 8 million tons in 2021-2022 following this year's crop failure.
The Argentine Government issued a statement indicating GMO wheat there can only be used for seed, and in reality producers are expected to destroy all GMO varieties.
A slow-moving front continues to push eastward across the Central U.S. The best rains are forecast to fall across the Eastern Midwest in the next few days. Following that rain, an extended period of dry and mild weather is forecast. The arid conditions will allow for the harvest to be completed and for the winter wheat seeding pace to push ahead. Central U.S. weather leans favorable for Midwest crops into late October.