U.S. agricultural futures close mixed

By Xu Jing

CHICAGO, June 29 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn and wheat falling and soybean rising.

The most active corn contract for September delivery fell 5.75 cents, or 0.86 percent, to settle at 6.64 U.S. dollars per bushel. September wheat lost 6 cents, or 0.64 percent, to settle at 9.3 dollars per bushel. November soybean rose 15.75 cents, or 1.08 percent, to settle at 14.7825 dollars per bushel.

The July/December corn spread has pushed out to a 1.15-dollar premium as cash corn holds stout above 8.00 dollars, while cash soybeans hold near 17.00 dollars with the July/November spread pushing out to 2.05 dollars in premium. This shows how tight old crop stocks really are and suggests that the minimum supplies of U.S. corn/soybean that are needed are larger.

The U.S. Department of Agriculture Stocks/Seeding Report is due Thursday. Chicago-based research company AgResource looks for combined U.S. corn/soybean acres to fall at least 2 million acres. Wheat is forming a seasonal low while July weather in the Midwest looks to be threatening. AgResource doubts that December corn can sustain much a decline below 6.00 dollars at harvest.

U.S. wheat was not offered to GASC as a result of difficulty in meeting a protein specification at 11 percent for soft red winter wheat or a desire of U.S. wheat exporters to hold their stores and hedge them in forward futures. The trade awaits the decision of GASC and tonnages that they will commit to. A large purchase remains possible.

The Energy Information Administration reported Wednesday that for the week ending June 24, the United States produced 309 million gallons of ethanol, down 1 million gallons from the week prior. U.S. ethanol stocks fell to their lowest level of 2022.

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