CHICAGO, Jan. 26 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Friday, led by wheat.
The most active corn contract for March delivery fell 5.5 cents, or 1.22 percent, to settle at 4.4625 U.S. dollars per bushel. March wheat plunged 12 cents, or 1.96 percent, to settle at 6.0025 dollars per bushel. March soybean lost 13.75 cents, or 1.12 percent, to settle at 12.0925 dollars per bushel.
Wheat dropped following China's approval of Argentine origin as an acceptable origin and as another round of heavy rain or snow is probable across the Southern and Central Plains on Feb. 4-6. Soybeans continued to sag on aggressive Brazilian FOB offers. The lack of growth in storage infrastructure in Brazil will keep FOB offers aggressive in late winter and spring.
Chicago-based research company AgResource holds that sagging Brazilian soybean FOB premiums will restrict U.S. export demand in spring, while the longer-term soybean outlook still hinges on actual South American production. An already dire drought in North Africa worsens into mid-February, which is important to wheat.
February is critical for Argentine corn and soybean yield potentials.
Rainfall in South America is confined to Northern and Northeast Brazil. Heat arrives in Argentina on the weekend and lingers throughout next week.