U.S. agricultural futures close mixed

0 Comment(s)Print E-mail Xinhua, January 6, 2022
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CHICAGO, Jan. 5 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn and wheat dropping and soybean rising slightly.

The most active corn contract for March delivery fell 7.25 cents, or 1.19 percent, to settle at 6.0225 U.S. dollars per bushel. March wheat shed 9.25 cents, or 1.2 percent, to settle at 7.6075 dollars per bushel. March soybean rose 5 cents, or 0.36 percent, to settle at 13.9475 dollars per bushel.

Parched Argentine, Southern Brazilian weather, the index fund rebalance and U.S. Department of Agriculture (USDA) January Crop Report are now in focus, Chicago-based research company AgResource noted.

Two steps forward and one step back has been the theme of early 2022 CBOT trading. South American crop sizes are in retreat, and a bullish CBOT outlook is maintained. AgResource doubts that wheat has scored its seasonal high with the break providing another importer opportunity. This is no place for new sales with bull trends intact.

Tunisia booked 125,000 metric tons of soft wheat, 75,000 metric tons of durum wheat and 75,000 metric tons of feed in a tender that closed Wednesday. The shipping period is from Feb. 1 to March 25.

CBOT market volatility is going to stay extreme for most of 2022 due to tightening world exporter stock/use ratios of corn, soybeans and wheat and the importance of weather and yield in directional trades.

Dry weather conditions are offered for Argentina and RGDS in Southern Brazil for the next 10 days with extreme heat in the 5-10 day period. Northeastern Brazil will stay wet with rains. AgResource sees no real change in the South American weather pattern except the widely scattered showers reach into MGDS and the northern portion of Parana. Enditem

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