CHICAGO, Sept. 15 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures fell across the board on Tuesday, led by wheat.
The most active corn contract for December delivery fell 3.5 cents, or 0.95 percent, to close at 3.66 U.S. dollars per bushel. December wheat plunged 7.5 cents, or 1.37 percent, to settle at 5.3825 dollars per bushel. November soybean dipped 8 cents, or 0.8 percent, to close at 9.915 dollars per bushel.
Agricultural futures went lower on profit taking and a WTO ruling in favor of China on U.S. tariffs, Chicago-based research company AgResource noted.
The markets are awaiting China's response to the ruling and how it might impact U.S.-China trade relations.
U.S. Department of Agriculture (USDA) reported that China purchased another 132,000 metric tons of U.S. soybeans with another 132,000 metric tons going to an unknown buyer. Moreover, 120,000 metric tons of U.S. corn was sold to an unknown buyer.
The National Oilseed Processors Association (NOPA) August soybean crush rate fell to a 9-month low of 165 million bushels, the smallest U.S. soybean crush rate since November.
Hurricane Sally is slightly farther east and impacting Mississippi and Alabama with a turn into Georgia this weekend. Weather forecast retains light shower to return to Illinois, Indiana and Michigan on Sept. 23-24. There is no evidence of a cold weather threat and the dry, warm days should help corn dry down and for soybeans to fill.
It is difficult to be overly bullish with commercial sources expecting China purchases of U.S. soybeans to slow by the end of September, AgResource noted. To maintain spot CBOT soybean futures above 10 dollars requires additional Chinese demand. Strong debate persists over China corn demand from the world in 2020-2021 and the years to come.