CHICAGO, Aug. 24 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Monday, with corn and soybean rising and wheat falling.
The most active corn contract for December delivery rose 4.5 cents, or 1.32 percent, to close at 3.45 U.S. dollars per bushel. December wheat dropped 7.25 cents, or 1.36 percent, to settle at 5.2775 dollars per bushel. November soybean climbed one cent, or 0.11 percent, to close at 9.0575 dollars per bushel.
CBOT traders estimate funds have sold 4,300 contracts of wheat, are flat in soybeans, while securing 7,400 contracts of corn.
Wheat futures traded lower following the forecast for rain across Argentina and reports that frost did not produce much damage to developing wheat crops in East Australian or South Brazilian, Chicago-based consulting company AgResource noted.
The weakness in U.S. wheat futures pulled corn off its high. With crop condition ratings expected to fall sharply, it's the amount and location of rainfall which will then direct CBOT prices into the end of the week, AgResource said.
U.S. export inspections for the week ending August 20 were 35.1 million bushels of corn, 42.2 million bushels of soybeans and 20.9 million bushels of wheat. The soybean and wheat inspection totals were better than expected and considered supportive.
For respective crop years to date, the United States has shipped out 1,624 million bushels of corn, down 12 percent; 1,552 million bushels of soybeans, down 5 percent; and 229 million bushels of wheat, up 3 percent. China shipped out 18 million bushels of U.S. soybeans or some 51 percent of the weekly total.
It is rumored that China booked 4-6 cargoes of U.S. soybeans. Except this, no new sales of U.S. corn, wheat or soybeans were announced Monday.
Weather forecast shows that it will be wetter across the East Midwest but drier across the East Plains and West Midwest. The areas that really need the rain would have to wait until early September for moisture to fall. Until Thursday, mostly hot and dry weather will prevail across the Midwest that is rushing crop maturity.
Traders are looking for a 2-4 percent fall in US corn/soybean ratings as crops just run out of soil moisture in Iowa, West Illinois and parts of Ohio. Talk that China booked another 4-6 cargoes of U.S. soybeans helps underpin the complex, but a CBOT corn/soybean break will not be sustained until some needed rain falls.
Rain is needed immediately, AgResource stressed.
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