U.S. agricultural futures close mixed

0 Comment(s)Print E-mail Xinhua, October 13, 2021
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CHICAGO, Oct. 12 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn and soybean falling and wheat rising slightly.

The most active corn contract for December delivery fell 10.5 cents, or 1.97 percent, to settle at 5.225 U.S. dollars per bushel. December wheat rose 2.25 cents, or 0.31 percent, to settle at 7.34 dollars per bushel. November soybean plunged 30 cents, or 2.44 percent, to settle at 11.9825 dollars per bushel.

The U.S. Department of Agriculture (USDA) October Crop Report was slightly bearish, and corn and soybean futures went lower following the report release. November soybean fell to hard support at 12 dollars and December corn uncovering end user was priced below 5.2 dollars. U.S. wheat data was considered positive, pushing its futures slightly higher.

USDA left U.S. corn harvested acres at 85.1 million acres and soybean at 86.4 million acres. U.S. wheat harvested acres were adjusted down 900,000 acres. Chicago-based research company AgResource does not expect any further adjustments to U.S. corn and soybean planted/harvested acres until the final January report. U.S. wheat production is now considered final.

There can be some adjustment in U.S. corn and soybean yields into the final, but the market's focus will shift to demand and South American crop prospects. AgResource holds that the downside price risk in corn, soybean and wheat is becoming limited amid the now known supply fundamentals.

USDA raised 2021 U.S. soybean yield to 51.5 BPA with U.S. production at 4.448 billion bushels, up 74 million bushels from September. The combination of the 0.9-BPA increase in yield and 81 million bushels found in the September stocks report pushed 2021-2021 U.S. soybean end stocks to 320 million bushels, slightly larger than trade estimates and considered modestly bearish.

The World Agricultural Supply and Demand Estimates (WASDE) held 2021-2022 U.S. soybean export estimate at 2,090 million bushels with crush up 10 million bushels at 2,190 million bushels.

October WASDE report lowered U.S. wheat end stocks by 35 million bushels to 580 million bushels, the lowest since 2007-2008. Major exporter wheat production was 3.5 million metric tons amid lower revisions in the United States and Canada. Exporter wheat consumption was lowered just 1.7 million metric tons, leaving end stocks at an extremely tight 52 million metric tons. Russian wheat exports were left unchanged at 35 million metric tons. Enditem

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