CHICAGO, March 8 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Friday, led by wheat.

       The most active corn contract for May delivery rose 1.75 cents, or 0.4 percent, to settle at 4.3975 U.S. dollars per bushel. May wheat soared 9.25 cents, or 1.75 percent, to settle at 5.3775 dollars per bushel. May soybean gained 17.75 cents, or 1.52 percent, to settle at 11.84 dollars per bushel.

       The U.S. Department of Agriculture (USDA) March World Agricultural Supply and Demand Estimates (WASDE) report came out as expected, and is a statistical yawner.

       The report lowers Brazilian soybean production by just one million metric tons to 155 million metric tons, which keeps global soybean output in 2023-2024 at a record 397 million metric tons, up 19 million metric tons year on year.

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       The report increases Argentina corn production by one million metric tons, and lowers Ukrainian corn crop by one million metric tons. Global corn stocks are trimmed by 2.5 million metric tons to 319.6 million metric tons.

       The report keeps U.S. corn end stocks unchanged from February at 2.172 billion bushels.

       U.S. soybeans end stocks are also unchanged from February at 315 million bushels. Global soybean stocks are reduced by 1.7 million metric tons to 114.3 million metric tons.

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       U.S. wheat end stocks are raised by 15 million bushels to 673 million bushels on lower exports and another 110,000 metric-ton cancellation from China on Friday. Global wheat stocks are lowered 600,000 metric tons to 258.8 million metric tons.

       Enough rain falls in Mato Grosso nearby, but little to no rain and warmth are advertised in Parana, Mato Grosso do Sul and Sao Paulo. Weather forecast for Argentina is favorable as moisture reserves build further over the next 10 days.

       With March reports digested, key moving forward is whether funds maintain sizable or near record short positions ahead of critical Brazilian weather and the North Hemisphere growing season. Chicago-based research company AgResource holds that fair value is all about weather.