U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Friday, 30 Sep 2022

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

The most active corn contract for December delivery fell one cent, or 0.15 percent, to settle at 6.695 U.S. dollars per bushel. December wheat lost 7 cents, or 0.77 percent, to settle at 8.9625 dollars per bushel. November soybean rose 2 cents, or 0.14 percent, to settle at 14.1075 dollars per bushel.

CBOT grains are holding relatively well compared to other financial markets.

U.S. Department of Agriculture (USDA) will release its September Crop Report on Friday. Chicago-based research company AgResource suggests using a rally on Friday or early next week to add to cash grain sales amid slowing future U.S. export demand.

AgResource learnt that Algeria has purchased mostly Russian wheat in its latest tender with tonnages in the range of 350,000 to 450,000 metric tons. The EU wheat was priced about 14 to 16 dollars per metric ton above the Russian offers to Algeria.

U.S. export sales for the week ending Sept. 22 were 10.3 million bushels of wheat, 20.2 million bushels of corn and 36.9 million bushels of soybeans. For respective crop years to date, U.S. wheat sales dropped 14 million bushels or 3 percent year on year; corn sales went down 485 million bushels or 49 percent; and soybean sales increased 93 million bushels or 10 percent.

Dry/cool weather conditions will prevail across the Central U.S. into Oct. 9. Harvest in Central U.S. advances rapidly amid the dry weather. A deep trough of low pressure will establish itself across Eastern North America in the 10-15 day period. The trough will shove jet stream south and allow for improved showers in U.S. Midwest.

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