U.S. agricultural futures close mixed

0 Comment(s)Print E-mail Xinhua, October 14, 2020
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CHICAGO, Oct. 13 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn and soybean rising and wheat slipping.

The most active corn contract for December delivery rose 2.25 cents, or 0.58 percent, to close at 3.9125 U.S. dollars per bushel. December wheat slipped 0.25 cent, or 0.04 percent, to settle at 5.94 dollars per bushel. November soybean gained 10.25 cents, or 0.99 percent, to close at 10.44 dollars per bushel.

The bulls and bears are likely to watch the markets thrash back and forth in market consolidation, Chicago-based research company AgResource said.

The U.S. Department of Agriculture reported that 110,000 metric tons of U.S. corn were sold to Mexico. There were no new U.S. sales reported to China.

U.S. export inspections for the week ending Oct. 8 were 24.9 million bushels of corn, 79.2 million bushels of soybeans and 18.9 million bushels of wheat. China shipped out 59 million bushels or 75 percent of U.S. total soybean export.

For respective crop years to date, the United States has shipped out 170 million bushels of corn, up 71.3 million bushels or 72 percent; 334.2 million bushels of soybean, up 144.5 million bushels or 76 percent; and 383.5 million bushels of wheat, up 34 million bushels or 11 percent.

The U.S. wheat export pace has started to lag while U.S. soybean loading in October/November is expected to be record large, AgResource noted.

U.S. wheat traders are focused on the SW Russian weather forecast where rain is needed for seed germination. With Russian interior flour prices at new record high, it will be difficult to break U.S. wheat futures prices until world wheat prices seasonally peak and start to retreat.

It is drier for the Central United States with less rain for the Central and Eastern Midwest. Cool to cold temperatures will flow southward. The chill and dry weather will quickly advance the remaining harvest.

AgResource expects volatile and wide-ranging CBOT trade in coming weeks. Weather forecast in Brazil and Russia is also important to agricultural prices. Enditem

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