CHICAGO, Aug. 12 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and soybean rising and wheat falling.
The most active corn contract for December delivery rose 14.5 cents, or 2.31 percent, to settle at 6.4225 U.S. dollars per bushel. September wheat fell 4.75 cents, or 0.59 percent, to settle at 8.06 dollars per bushel. November soybean climbed 5.75 cents, or 0.4 percent, to settle at 14.5425 dollars per bushel.
The U.S. Department of Agriculture August Crop report failed to hold any big surprises.
The report estimated 2022 U.S. corn yield at 175.4 bushels per acre (BPA), down 1.6 BPA from the World Agricultural Supply and Demand Estimate report forecast, with production projected to be down 5 percent from last year. The U.S. 2022 soybean yield was forecast at 51.9 BPA, up 0.5 BPA, with production to be up 2 percent at a record high 4,530 million bushels. U.S. all wheat production was forecast at 1,780 million bushels, up 8 percent from 2021. The average U.S. wheat yield was pegged at 47.5 BPA, up from July.
U.S. 2022 corn and wheat seeding were adjusted down 100,000 acres each, while soybean acre was cut by 300,000 acres.
The report raised 2021-2022 U.S. corn end stocks by 20 million bushels to 1,530 million bushels. U.S. 2021-2022 corn exports were unchanged at 2,450 million bushels.
U.S. 2022-2023 corn end stocks were trimmed by 82 million bushels to 1,388 million bushels. U.S. 2022-2023 corn exports were cut by 25 million bushels to 2,375 million bushels based on the forecast for Ukraine to export 12.5 million metric tons, as against July forecast of 9 million metric tons.
U.S. 2021-2022 soybean end stocks were raised 10 million bushels to 225 million bushels due to a cut in export to 2,160 million bushels. U.S. 2022-2023 soybean end stocks were raised to 245 million bushels. 2022-2023 U.S. soybean export estimate was raised by 20 million bushels to 2,155 million bushels.
The report pegged 2022-2023 U.S. all wheat stocks at 610 million bushels, down 29 million bushels from July. U.S. wheat exports were raised 25 million bushels for a second consecutive month amid competitive U.S. prices.
The report pegged Russian wheat output at 88 million metric tons, up 7.5 million metric tons from July. Russian exports were raised by only 2 million metric tons. Ukrainian wheat export following the creation of the Black Sea export corridor was raised just 1 million metric tons. Russian and Ukrainian wheat end stocks were pegged at a 29-year high of 18.6 million metric tons.
As the August report was dull relative to expectations, market focus shifts back to weather and whether the dryness will be eased across Plains and Western Midwest prior to late August.