U.S. agricultural futures close mixed
0 Comment(s)
Print
E-mail Xinhua, February 5, 2021
CHICAGO, Feb. 4 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Thursday, with corn and wheat dropping and soybean rising slightly.
The most active corn contract for March delivery fell 2 cents, or 0.36 percent, to settle at 5.5 U.S. dollars per bushel. March wheat lost 10.75 cents, or 1.66 percent, to settle at 6.375 dollars per bushel. March soybean rose 1.25 cents, or 0.09 percent, to close at 13.725 dollars per bushel.
U.S. Department of Agriculture (USDA) reported that for the week ending Jan. 28, the United States sold 23.6 million bushels of wheat, a record 293 million bushels of corn and 30.3 million bushels of soybeans.
For respective crop years to date, the United States has sold 823.5 million bushels of wheat, up 5.3 percent year on year; 2,209 million bushels of corn, up 146 percent; and 2,155 million bushels of soybeans, up 82 percent.
China has booked 35.3 million metric tons of U.S. soybeans on a known basis and shipped out 32.3 million metric tons. Including what is earmarked for China in unknown destinations, China has secured 37.1 million metric tons of U.S. soybeans in total and is on the way to taking 40 to 41 million metric tons for the 2020-2021 crop year, said Chicago-based research company AgResource.
In terms of U.S. corn, China has known purchases of 17.7 million metric tons or 695 million bushels. Including another 2 million metric tons held in an unknown category, AgResource estimates that China has taken 19.7 million metric tons of U.S. corn. And there are rumors of China booking another 2 million metric tons, which would take China's U.S. corn purchases to 22 million metric tons.
Weather forecast shows that an above normal rainfall pattern will start across all of Northern Brazil this weekend and persist into mid-February. An arid forecast is offered for the entirety of Argentina and most of RGDS in Southern Brazil. The wet weather for Northern Brazil is a worry.
South American weather and early Brazilian soybean yield results will drive the CBOT ahead of the USDA's February crop report. AgResource stays bullish, saying corrections will be modest. Enditem
Go to Forum >>0 Comment(s)