U.S. agricultural futures close mixed

  • World
  • Saturday, 29 Aug 2020

CHICAGO, Aug. 28 (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 December delivery rose 0.75 cent, or 0.21 percent, to close at 3.5925 U.S. dollars per bushel. December wheat slipped 2 cents, or 0.36 percent, to settle at 5.4875 dollars per bushel. November soybean climbed 8.5 cents, or 0.9 percent, to close at 9.505 dollars per bushel.

Drought in the past three weeks has cut U.S. corn and soybean yield potential, with most traders betting that the yield cut in soybean is larger than corn. Chicago-based consulting company AgResource suggested that there will be record large U.S. corn and soybean yields cut this autumn. The extreme heat this week pushed crop maturity to the detriment of yield. Uncertainty exists on U.S. corn and soybean yields until the entire Midwest sees a needed rain.

The United States sold 324,000 metric tons of corn to an unknown buyer in 2020/2021. China has continued to secure U.S. soybeans with another sale to be announced early next week. No new U.S. corn demand is heard, according to AgResource.

Black Sea wheat futures were weaker. Although the EU wheat crop estimate continues to sink, the world has plenty of wheat which should be confirmed by next week's Statistics Canada crop forecast, AgResource said.

It is drier across Wisconsin and the far Northern Delta and slightly wetter in the West Midwest including Nebraska, South Dakota and West Iowa. Corn harvest is fast approaching, while soybeans could use a few good soaking rains to fill pods. Good news is that cooler temperatures will limit stress. There is no evidence of a frost or freeze into Sept. 15, AgResource noted.

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