CHICAGO, Nov 27(ABC): Chicago Board of Trade (CBOT) agricultural futures fell across the board on Saturday, led by wheat.
The most active corn contract for March delivery fell 4.25 cents, or 0.64 percent, to settle at 6.5925 U.S. dollars per bushel. March wheat shed 7.75 cents, or 0.95 percent, to settle at 8.105 dollars per bushel. January soybean lost 7 cents, or 0.49 percent, to settle at 14.2975 dollars per bushel.
Choppiness persists at CBOT. The volume of trade is poor as traders close out positions ahead of the U.S. Thanksgiving Day holiday. The bulls are disappointed by the size of the post-harvest rally, while the bears are disappointed by the inability of the market to sustain a break.
In coming weeks, it is all about South American weather and resulting crop sizes. Chicago-based research company AgResource holds a sell-rallies mentality on slowing U.S. export demand.
The potential of a rail strike continues to dominate cash grain discussions across the United States. There is no hint on whether U.S. Congress will intervene.
Northern and Central Brazil has a daily chance of rain for the next two weeks. Buenos Aires in Argentina will also have a new chance of rain in the middle of next week, while the rest of the country stays dry. Argentine soybean seeding is speeding ahead, and regular rains are required during the heart of the growing season.
