CHICAGO, June 15 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn rising and wheat and soybean falling.

The most active corn contract for July delivery rose 8.25 cents, or 1.25 percent, to settle at 6.675 dollars per bushel. July wheat fell 13 cents, or 1.93 percent, to settle at 6.615 dollars per bushel. July soybean shed 6.5 cents, or 0.44 percent, to close at 14.6575 dollars per bushel.

CBOT agricultural futures were lower on the improved weather forecast as the prospect of needed rain will occur Sunday and through most of next week across the Central U.S., Chicago-based research company AgResource noted.

Wheat values are weaker on the deepening harvest pace across the Southern Plains. Egypt's GASC canceled a wheat tender for late August.

The National Oilseed Processors Association (NOPA) May Crush Report was slightly bearish. For the fourth month in a row, NOPA members reported a slightly less than expected monthly crush rate of 163.5 million bushels, as against trade expectations at 165.1 million bushels. In April, NOPA members crushed 160.3 million bushels and in May of 2020 they crushed 169.6 million bushels.

NOPA members reported that at the end of May, they held 1,672 million pounds of soyoil, lower than the 1,702 million pounds forecast and well below a year ago's 1,880 million pounds. The lower crush pace and strong biodiesel demand is producing diminished U.S. soyoil stocks.

As the coming 6-9 days of rain potential and cooler temperatures are just an interlude, not a weather pattern change, AgResource remains concerned by the Central U.S. soil moisture profile across the Western U.S. Seasonal lows are close in U.S. wheat with corn and soybeans all about West Midwest rainfall. Enditem

Related

Go to Forum >>0 Comment(s)