U.S. agricultural futures close mixed

By Xu Jing

CHICAGO, May 25 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn rising slightly and wheat and soybean falling.

The most active corn contract for July delivery rose 0.5 cents, or 0.06 percent, to settle at 7.7225 U.S. dollars per bushel. July wheat fell 6.5 cents, or 0.56 percent, to settle at 11.4825 dollars per bushel. July soybean shed 12 cents, or 0.71 percent, to settle at 16.81 dollars per bushel.

Funds are sizeable net sellers, while end users are getting chance to extend forward coverage into July/August. Basis bids for both corn and soybeans have been rising sharply and are sitting at record or near record levels. U.S. farmers see no reason to make sales until they know more about 2022 U.S. row crop seeding and weather conditions globally and heading into the mid-July corn pollination.

Strong U.S. and world cash markets with Mother Nature unkind to EU, Canadian, Brazilian, and Chinese crops will underpin CBOT values. Chicago-based research company AgResource sees limited downside price risk. Seasonal lows are forming in July futures.

There are rumors that Argentina is getting close to raising export taxes on grain, and that Indonesia is making it extremely difficult to register for palm-oil export licenses. And widening demands for export documentation are slowing or halting Indian wheat export. Grain suppliers are worried by their own rising food prices.

It is drier in Eastern Midwest. Heat will return to the Southern Plains next week and into mid-June. A high-pressure Ridge holds across the East Central United States which pushes excessive rains back into North Dakota and the South Canadian Prairies.

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