U.S. agricultural futures close mixed

  • World
  • Tuesday, 01 Sep 2020

CHICAGO, Aug. 31 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Monday with corn falling and wheat and soybean rising.

The most active corn contract for December delivery dropped 1.5 cents, or 0.42 percent, to close at 3.5775 U.S. dollars per bushel. December wheat rose 3.5 cents, or 0.64 percent, to settle at 5.5225 dollars per bushel. November soybean climbed 3 cents, or 0.32 percent, to close at 9.535 dollars per bushel.

Crop condition ratings are expected to decline 2-3 percent in corn and 3-4 percent in soybeans, Chicago-based consulting company AgResource estimated.

The U.S. Department of Agriculture announced corn export sales to China totaling 23.5 million bushels. Including announcements and outstanding old crop sales, new crop commitments to China are now above 300 million bushels.

Weekly export inspections for the week ending Aug. 27 were 15.8 million bushels of corn, 29.6 million bushels of soybeans and 19 million bushels of wheat. The soybean and wheat inspections totals were within expectations, while the corn figure was down more than 50 percent from last week and below the range of expectations.

For respective crop years to date, the United States has exported 1,640 million bushels of corn, down 12 percent from last year; 1,585 million bushels of soybeans, down 6 percent; and 248 million bushels of wheat, up 2 percent.

Russian farmers are reluctant to sell new crop winter wheat, knowing that they have the cheapest wheat in the world, AgResource said.

AgResource noted increased farmer selling over the last three weeks as prices have risen. Funds are booking profits on the early week rally ahead of the three-day weekend. The rally in the past three weeks has been supply-driven as much of the Midwest has missed out on needed finishing rains. However, yields are far from a catastrophe, AgResource said.

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