CHICAGO, Sept. 25 (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 1.75 cents, or 0.48 percent, to close at 3.6525 U.S. dollars per bushel. December wheat fell 5.5 cents, or 1 percent, to settle at 5.4425 dollars per bushel. November soybean climbed 2.5 cents, or 0.25 percent, to close at 10.025 dollars per bushel.
Corn, soybeans traded firmer, while wheat futures sagged. Traders are struggling to balance dry South American and Russian wheat against slowing Chinese demand for U.S. corn and soybeans, Chicago-based research company AgResource noted.
Harvest is ramping up across Illinois, Indiana and much of Missouri and Southern Iowa. Soybean cutting is active and the week ahead will feature the "gut slot" of the soybean harvest. Corn harvest is slow with the crop slowly drying down. Corn cutting will become more active in October, AgResource said.
Early yields results showed solid corn yield and improving soybeans yield. Nevertheless, the next week's yield data should give the market trends heading into the October U.S. Department of Agriculture (USDA) crop report.
AgResource expects that U.S. farmers are harvesting the second largest U.S. corn and third largest soybean crop on record.
Weather forecast has reduced weekend rainfall with a passing cold front across Illinois and Missouri. There will be a shift to cold temperatures next week and beyond with a frost/freeze for the Upper Midwest next weekend. The end of the 2020 growing season will be seasonal, and have little or no impact on 2020 U.S. corn and soybean yield potential.
Most of the Chinese government's demand for U.S. corn and soybean has been filled, AgResource noted. Odds and ends will follow with normal South American weather. U.S. 2020-2021 soybean stocks are tight, the company added.
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