CHICAGO, July 6 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn and soybean rising and wheat falling.
The most active corn contract for December delivery rose 6.5 cents, or 1.12 percent, to settle at 5.85 U.S. dollars per bushel. September wheat fell 2.5 cents, or 0.31 percent, to settle at 8.045 dollars per bushel. November soybean gained 6.75 cents, or 0.51 percent, to settle at 13.2275 dollars per bushel.
Traders are gauging the health of the U.S. economy as U.S. July Jobs Report will be out Friday. CBOT grain appears to be forming seasonal lows. Wheat, corn and soybean futures have fallen far more than forecast due to recessionary worry. Chicago-based research company AgResource doubts that the U.S. central bank wants to spark a recession.
Pakistan has yet to buy 500,000 metric tons of wheat. Pakistan is expected to import 3 million to 4 million metric tons of wheat in 2022-2023 to boost domestic supplies.
Ukraine doubts a political deal with Russia to unblock its grain exports will happen soon. The lack of Ukraine marine grain exports amid soaring costs due to Russia-Ukraine conflict has pressured Ukraine domestic grain bids to farmers. Reports have Ukraine farmers receiving record low bids, near 100 dollars per metric tons for wheat.
A high pressure ridge is retrograding westward to a position over the Intermountain West which maintains hot/dry weather over the Western Midwest and the Southern Plains. The best chance for rain in U.S. Midwest is over the next few days before a decidedly drier trend will follow with the ridge to amplify over the Plains and slowly progress east to the Western Midwest in the 11-15 day period. A regular rainfall pattern is needed with corn/soybean entering their most moisture sensitive stage of development.
