CHICAGO, Nov. 25 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and soybean rising and wheat falling.

The most active corn contract for March delivery rose 5 cents, or 0.75 percent, to settle at 6.7125 U.S. dollars per bushel. March wheat fell 16.5 cents, or 2.03 percent, to settle at 7.97 dollars per bushel. January soybean climbed 0.25 cents, or 0.02 percent, to settle at 14.3625 dollars per bushel.

Corn was the upside leader with March contract getting closer to key chart resistance at 6.75-6.85 dollars. January soybean futures tested resistance at 14.50 dollars. The volume of trade has been holiday reduced.

Brazil is on its way to a record large soybean harvest amid the recent and coming rain. Chicago-based research company AgResource would see any Argentine dry weather-related rally as a selling opportunity amid slowing world wheat/feedgrain trade.

U.S. export sales for the week ending Nov. 17 were 18.8 million bushels wheat, 72.8 million bushels of corn and 25.4 million bushels of soybeans. For respective crop years to date, the United State has sold 488 million bushels of wheat, down 7 percent year on year; 699 million bushels of corn, down 48 percent; and 1,345 million bushels of soybeans, up 1.3 percent.

Traders will be positioning for the U.S. Department of Agriculture to lower U.S. 2022-2023 corn exports in its December report since the Ukraine Export Corridor will be open for another 120 days.

Northern and Central Brazil has a daily chance of rain for the next 10 days. Southern Brazil and Argentina are dry for the next 5-6 days before showers briefly return. Argentina will need improved rainfall during December. Enditem

Related

Go to Forum >>0 Comment(s)