U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Thursday, 27 Aug 2020

CHICAGO, Aug. 26 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn dropping and wheat and soybean rising.

The most active corn contract for December delivery dropped 0.25 cents, or 0.07 percent, to close at 3.5425 U.S. dollars per bushel. December wheat climbed 4.25 cents, or 0.79 percent, to settle at 5.3975 dollars per bushel. November soybean rose 4 cents, or 0.43 percent, to close at 9.2425 dollars per bushel.

CBOT traders estimate funds have bought 4,600 contracts of corn, 4,100 contracts of soybeans and 3,100 contacts of wheat.

U.S. Department of Agriculture (USDA) announced exporting another 400,000 metric tons of soybeans to China for 2020/2021.

Weekly U.S. ethanol production was 274 million gallons, as against 272 million gallons last week. This shows that U.S. ethanol production has stagnated since the end of June, Chicago-based consulting company AgResource said. It is expecting a cut of 25-36 million bushels in 2019-2020 corn ethanol grind in the World Agricultural Supply and Demand Estimate (WASDE) report.

AgResource also expected that WASDE will cut 2020/2021 U.S. corn ethanol demand in several stages, as WASDE's 2020/2021 domestic demand, including feeding and ethanol production, are too high by a combined 300-400 million bushels.

Weather forecast showed it will be drier across the West Midwest than what was offered overnight. A cold front is dragged southward that will produce rain across Minnesota, Iowa and Illinois early next week, but less rain across Iowa. Iowa desperately needs rains as drought conditions worsen. Then a cool and near to above normal rainfall pattern will follow in the Midwest. There is no evidence of a frost into Sept. 11.

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