U.S.: Decline witnessed in agricultural futures
Jan 23, 2021 (MENAFN via COMTEX) --
(MENAFN) On Friday, Jan. 22, a severe decline was seen in Chicago Board of Trade (CBOT) agricultural futures across the board, led by corn.
The most active corn contract for delivery of March dropped 23.75 cents, or 4.53 percent, to stand at USD5.005 a bushel. March wheat declined 26.25 cents, or 3.97 percent, to stand at USD6.345 a bushel. March soybean fell 58.5 cents, or 4.27 percent, to settle at USD13.1175 a bushel.
CBOT agricultural futures were severely less on immense fund selling. The level of CBOT trade has been huge with the charts dropping amidst this week's incapability to pick up. According to Chicago-based research firm AgResource, this is the first time in six weeks that CBOT corn/soybeans futures did not settle higher.
The country sold 136,000 metric tons of U.S. soybeans for the 2020-2021 harvest year, according to a report by U.S. Department of Agriculture (USDA). On the week, it sold only more than 430,000 metric tons of old crop soybeans.