US agricultural futures fall

Author: xinhua

Chicago Board of Trade (CBOT) agricultural futures fell across the board on Friday, led by soybeans. The most active corn contract for March delivery fell 4.5 cents, or 1.01 percent, to settle at 4.4275 U.S. dollars per bushel. March wheat lost 1.75 cents, or 0.29 percent, to settle at 5.9975 dollars per bushel. March soybean shed 14.75 cents, or 1.23 percent, to settle at 11.885 dollars per bushel. CBOT grains were lower amid better than expected U.S. January jobs report, which caused a rally in U.S. dollar and pushed backwards the chance of rate cut by the Federal Reserve until May or June. The United States added 353,000 jobs in January, nearly double initial expectations. Chicago-based research company AgResource is expecting rain in Argentina next week, which is being worked into prices. Statistics Canada will release its December 31 Grain Stocks report on Feb. 8. Brazil sold three to four cargoes of soybeans to Argentina, which should help boost Argentine soybean product availability during March. It is drier across Central and Southern Brazil, but wetter across Southern Argentina crop areas. Crops in Central and Northern Argentina will endure another six to seven days of extreme heat, and such heat may push crop maturity.

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