CHICAGO, Sept. 8 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn and soybean rising, and wheat falling.
The most active corn contract for December delivery rose 3.75 cents, or 1.05 percent, to close at 3.6175 U.S. dollars per bushel. December wheat dropped 6 cents, or 1.09 percent, to settle at 5.4425 dollars per bushel. November soybean rose 5 cents, or 0.52 percent, to close at 9.73 dollars per bushel.
Corn and soybean futures managed rallies while wheat dropped on fresh fund selling. Most fund managers are expecting a bullish U.S. Department of Agriculture (USDA) Crop Report on Friday as yield and harvested acreage totals are lowered, Chicago-based research company AgResource noted.
U.S. export inspections through the week ending Sept. 3 included 31 million bushels of corn, as against 17 million bushels in the previous week; 26 million bushels of wheat, as against 20 million bushels in the previous week; and 48 million bushels of soybeans, as against 30 million bushels in the previous week.
For respective crops years to date, the United States has shipped 9 million bushels of corn, down 50 percent from last year; 17 million bushels of soybeans, down 19 percent; and 274 million bushels of wheat, up 6 percent.
U.S. exporters sold 664,000 metric tons of soybeans to China, along with 100,000 metric tons of corn to unknown destinations.
U.S. ethanol production margin remain positive, but ethanol prices in the days ahead are expected to fall in tandem with world energy markets, AgResource said. Weekly U.S. ethanol production has been stuck in a rather narrow range of 270-274 million gallons since early August.
Central U.S. weather will feature soaking rainfall across the Southern Plains and Western Corn Belt into the weekend. A significant improvement in Plains soil moisture will occur just before winter wheat seeding in Texas, Oklahoma, Kansas and Colorado.
It's all about U.S. row crop yields in the near-term, but equal attention will also be paid to demand trends. The September Crop Report must reveal substantial yield loss to prevent the liquidation of long positions in mid- to late September, AgResource predicted.
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