CHICAGO, June 22 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn and soybean falling and wheat rising slightly.
The most active corn contract for December delivery fell 7.75 cents, or 1.1 percent, to settle at 6.9375 U.S. dollars per bushel. September wheat rose 1.5 cents, or 0.15 percent, to settle at 9.8875 dollars per bushel. November soybean shed 34 cents, or 2.25 percent, to settle at 14.765 dollars per bushel.
Wheat extended its recovery overnight, while soybean went down on weakness in global vegoil markets.
Chicago-based research company AgResource is expecting similar volatility until there is clarity over Northern Hemisphere grain and oilseed production in late summer.
Ukraine is forecast to export roughly 1 million metric tons of corn in June. But Ukraine's absence from the world grain market will be felt more intensely, in Europe in particular, in October.
Russia's grain/vegoil exports are being challenged further by a new 7-year high in the ruble. Strength in Russia's currency has boosted U.S. dollar-based interior wheat values to all-time records.
Wheat import demand is beginning to surface. Algeria on Tuesday bought an estimated 600,000 metric tons of optional origin. Pakistan has released a tender for upward of 500,000 metric tons and Bangladesh is aiming to secure Russian origin.
A cooler temperature profile will blanket the Central United States this weekend and early next week, but expansive high pressure Ridging will return on June 30-July 7. This remains a worrisome climate setup.
