U.S. agricultural futures close mixed

0 Comment(s)Print E-mail Xinhua, December 19, 2020
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CHICAGO, Dec. 18 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and soybean rising and wheat slipping slightly.

The most active corn contract for March delivery rose 5 cents, or 1.16 percent, to settle at 4.375 dollars per bushel. March wheat dropped 0.5 cents, or 0.08 percent, to settle at 6.0825 dollars per bushel. January soybean climbed 18.75 cents, or 1.56 percent, to close at 12.2 dollars per bushel.

CBOT summer row crop futures are higher on fresh speculative buying and a lack of resting sell orders overhead. Active interest continues for U.S. corn amid its competitive position in world trade, Chicago-based research company AgResource noted.

Wheat went slightly lower on unmoved Russian FOB offers and the availability of Eastern European wheat.

U.S. exporters said China has started switching Brazilian cargoes for February back to the United States on the doubt that Brazil will be able to fulfill sales on a timely basis due to dry weather which has delayed the development of the 2021 soybean crop in Northern Brazil. It is estimated that the United States could pick up an additional 750,000 to 900,000 metric tons of Chinese soybean demand for February.

Weather forecast shows that spotty showers will impact Central Argentina on the weekend while heat and abnormal dryness persist through Northern Brazil. The rains will start to fall across the Mato Grosso, Goias and Bahia on Tuesday with daily shower chances forecast into yearend. Complete dryness will resume across Argentina from December 20 to January 1. Drought concern in Argentina/Southern Brazil is rising.

Based on the Argentine port and crusher industry strike, U.S. nearby demand is increasing, AgResource noted. Meanwhile, the Chicago company's concern for Argentine weather is rising. Enditem

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