CHICAGO, May 31 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Tuesday, led by wheat.
The most active corn contract for July delivery fell 23.75 cents, or 3.06 percent, to settle at 7.535 U.S. dollars per bushel. July wheat plunged 70 cents, or 6.05 percent, to settle at 10.875 dollars per bushel. July soybean lost 49 cents, or 2.83 percent, to settle at 16.8325 dollars per bushel.
CBOT grain futures were sharply lower on month-end selling, and the volume of trade was modest. Fund selling started in wheat as Russia and Turkey will be holding a meeting on June 8 to discuss the issue of Russia allowing a Ukraine grain export corridor with Turkey being the chaperones and counters, though Russia insists in Western countries lifting economic sanctions before such a grain export corridor can become a reality.
U.S. cash basis levels are strengthening as CBOT futures decline. Chicago-based research company AgResource places low odds that a Ukraine export corridor will be allowed by Russia. July corn is testing its March highs which are expected to hold against 7.48 dollars. Wheat should be forging an early seasonal low with July wheat under 11 dollars. And July soybean will have support below 16.75 dollars.
U.S. export inspections for the week ending May 27 were 54.7 million bushels of corn, 13.9 million bushels of soybeans and 12.6 million bushels of wheat. For respective crop year to date, the United States has shipped out 1,664 million bushels of corn, down 17 percent year on year; 1,817 million bushels of soybean, down 13 percent; and 735 million bushels of wheat, down 21 percent.
Dakota farmers are nearing the end of their window to seed spring crops. The calendar is working against Northern Plains and South Central Canadian farmers.
There is rain across the Southern Plains and the Southern Midwest. The Northern Plains and the South Central Canadian Prairies are cool and dry. A high-pressure Ridge rests across the Southwest United States and into the Southern U.S. Plains.