U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Friday, 04 Dec 2020

CHICAGO, Dec. 3 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Thursday, with corn and soybean rising and wheat falling.

The most active corn contract for March delivery rose 2.75 cents, or 0.65 percent, to settle at 4.265 dollars per bushel. March wheat fell 4 cents, or 0.68 percent, to settle at 5.845 dollars per bushel. January soybean gained 15.25 cents, or 1.32 percent, to close at 11.6825 dollars per bushel.

Agricultural markets are digesting this week's U.S. Department of Agriculture (USDA) export sales report along with final Canadian production numbers posted by Statistics Canada, Chicago-based research company AgResource noted.

Statistics Canada pegged final Canadian wheat production at 35.2 million metric tons, up 200,000 metric tons from the USDA's number and a new all-time record. Canada's exportable wheat surplus will also be a record large of 25.4 to 25.6 million metric tons in 2020-2021. Statistics Canada's wheat production hike along with a larger Australian crop adds to non-U.S. wheat production. Competition for world trade will continue to weigh on rally efforts in cash wheat markets.

U.S. corn sales in the week ending Nov. 26 totaled 54 million bushels; wheat sales totaled 16 million bushels; soybean sales were a meager 15 million bushels. Soybean sales need to average just 9 million bushels per week to hit the USDA target. China is rumored to be returning for its pre-Lunar New Year needs.

The 10-day weather forecast for South America is drier in Argentina and far Southern Brazil but wetter in Mato Grosso and Mato Grosso do Sul. Near daily showers will be featured across Central Brazil all of next week. La Nina-based dryness in Argentina remains a concern.

The loss of Argentine corn supply will flood the U.S. market with additional export demand beginning in late winter. Cash sales remain on hold. AgResource remains bullish about row crop outlook.

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