CHICAGO, Aug. 19 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and wheat rising and soybean falling slightly.
The most active corn contract for December delivery rose 7.5 cents, or 1.22 percent, to settle at 6.2325 U.S. dollars per bushel. December wheat soared 22 cents, or 2.94 percent, to settle at 7.71 dollars per bushel. November soybean fell 1.25 cents, or 0.09 percent, to settle at 14.04 dollars per bushel.
CBOT market continues to chop in a broad trading range amid the coming harvest and future improving demand. Fund managers are covering fresh shorts in wheat, but new export demand is lacking. Amid the 2022 record large U.S. soybean crop, the onus of higher CBOT price has shifted to demand.
It is premature to chase CBOT rallies or breaks due to lack of a trend. Chicago-based research company AgResource expects that CBOT volume will be subdued into the end of summer, but holds to a bullish bias longer term.
Ukraine FOB wheat/corn offers have fallen sharply as the market tries to encourage importers to take the risk of sending vessels into the Black Sea to load.
It will be wetter for the Lake States this weekend. A pattern of inundating rainfall will be in place through the weekend from the Southern Plains into the Southeast United States. Showers elsewhere will be regional in nature. Warm to normal and above normal temperatures by early next week will resume across Kansas, Nebraska, South Dakota and Western Iowa.
