U.S. agricultural futures rise

CHICAGO, April 13 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures rose across the board on Tuesday, led by corn.

The most active corn contract for May delivery soared 11 cents, or 1.93 percent, to settle at 5.8 dollars per bushel. July wheat rose 2.25 cents, or 0.36 percent, to settle at 6.335 dollars per bushel. May soybean gained 7.5 cents, or 0.54 percent, to close at 13.895 dollars per bushel.

CBOT agricultural futures rose with corn futures pacing the advance on tightening domestic cash supplies amid adverse weather for the 2021 Brazilian winter corn crop. Soybeans and wheat followed corn, Chicago-based research company AgResource noted.

U.S. consumer prices rose a hefty 2.6 percent in March from a year ago. The rise in gasoline prices accounted for more than half of the gain amid more rapidly growing U.S. economy.

The whiff of U.S. inflation has some fund managers expanding their exposure to raw material markets, ahead of the full reopening of the U.S. and world economies. Any lasting dryness or extreme heat will accelerate the rally in U.S. food prices amid a lack of an old crop stock's cushion.

Russia is offering new crop wheat at 235-240 dollars per metric tons for August. This is up nearly 30-35 dollars from last year. Brazilian domestic corn scored new price records above 7.36 dollars per bushel.

Weather forecast shows there is rain for the winter corn areas of Brazil early next week. Limited rainfall is expected to drop through the weekend before a frontal pass sparks the showers. The timing of the end of the rainy season will be important with soil moisture levels short to very short. Brazilian winter corn will be pollinating from late April through early June.

U.S. farmers will be able to quickly seed the 2021 crop, but cool and dry weather will offer slow germination. AgResource holds that new crop U.S. balance sheets require record U.S. corn and soybean yields for prices to sustain a decline, which cannot be confirmed until July.