CHICAGO, Oct. 14 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Thursday, led by soybeans.
The most active corn contract for December delivery rose 4.5 cents, or 0.88 percent, to settle at 5.1675 U.S. dollars per bushel. December wheat gained 6 cents, or 0.83 percent, to settle at 7.2475 dollars per bushel. November soybean climbed 11 cents, or 0.92 percent, to settle at 12.0625 dollars per bushel.
CBOT agricultural futures bounced on rumors of China buying French wheat. Chicago-based research company AgResource sees strong support below 12 dollars for November soybeans, 5 dollars for December corn and under 7.2 dollars for December wheat.
U.S. export sales are increasing. Farmers in Eastern Midwest tell AgResource that the wet weather has toppled corn with harvest to be slow/difficult from here forward. Yield losses are unavoidable in drowned fields.
U.S. Department of Agriculture (USDA) announced the sale of another 130,000 metric tons of U.S. soybeans to an unknown buyer Thursday.
U.S. ethanol production was record large last week at 303 million gallons, up 10 percent from the prior week. U.S. ethanol stocks fell one percent to 834 million gallons amid strong demand.
The Ukraine corn harvest is making slow progress amid wet fields and seed that just won't naturally dry down very fast. Demand could be shifted back to the U.S. Gulf.
A slow-moving front will push east across the Eastern U.S. into the weekend. Following that rain, a 7-9 day period of dry and mild weather will follow. The Eastern Midwest is so wet that it will take 4-5 days of dry weather before harvest can resume.