U.S. agricultural futures close mixed

By Xu Jing

CHICAGO, Jan. 21 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Thursday, with corn and soybean rising and wheat dropping.

The most active corn contract for March delivery rose 2.25 cents, or 0.43 percent, to settle at 5.2425 U.S. dollars per bushel. March wheat lost 7 cents, or 1.05 percent, to settle at 6.6075 dollars per bushel. March soybean gained 0.75 cent, or 0.05 percent, to close at 13.7025 dollars per bushel.

CBOT wheat went lower as Russia will keep exporting wheat at elevated prices. The door remains open that Russia could put a quota on its wheat exports at some point, but for now the Russian grain industry/exporters have beaten back such harsh restrictions, Chicago-based research company AgResource noted.

The U.S. Department of Agriculture (USDA) reported daily sales of 136,000 metric tons of 2020-2021 soybeans to China and 163,290 metric tons to Mexico for combined sales of 300,000 metric tons, as well as 336,500 metric tons of U.S. corn to an unknown buyer.

U.S. grain analytical industry is expecting that U.S. farmers will plant fencerow to fencerow in 2021. The point is that 2021-2022 U.S. corn, soybean and wheat balance sheets require every extra acre and a favorable spring seeding season. AgResource holds that the CBOT agricultural futures won't bend or break until large 2021 U.S. corn, soybean and wheat yields are known in June or July.

Weather forecast shows it is wetter for Central and Southern Argentina. Mostly dry weather will hold across Northeast and Eastern Central Brazil for at least the next 10 days while consistent rains continue to fall across Parana and Mato Grosso do Sul.

AgResource holds that there needs to be a period of technical healing following the recent sharp three-day break, and expects a back-and-forth process with support noted at 13.50 dollars for March soybeans, 3.20 dollars for March corn and 6.50 dollars for March wheat.

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