U.S. agricultural futures close mixed


By Xu Jing
  • World
  • Saturday, 01 Oct 2022

CHICAGO, Sept. 30 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and wheat rising and soybean falling.

The most active corn contract for December delivery rose 8 cents, or 1.19 percent, to settle at 6.775 U.S. dollars per bushel. December wheat soared 25.25 cents, or 2.82 percent, to settle at 9.215 dollars per bushel. November soybean fell 46 cents, or 3.26 percent, to settle at 13.6475 dollars per bushel.

The U.S. Department of Agriculture (USDA) Sept. 1 Stocks report was bullish of corn and slightly bearish of soybeans.

The USDA estimated 2022-2023 corn end stocks at 1,377 million bushels, 142 million bushels larger than last year. But a smaller 2022 harvest threatens 2023 U.S. supply availability.

The USDA raised annual feed/residual corn consumption to 5,706 million bushels as wheat feeding slumped. The 2022 corn crop was cut by 41 million bushels to 15,074 million bushels.

The 2022 U.S. soybean crop was raised by 30 million bushels to 4,465 million bushels with end stocks reaching 274 million bushels, as against 257 million bushels a year ago. Both yield and harvested acres were adjusted slightly higher.

USDA wheat data leans bullish. Final U.S. wheat production in 2022 was lowered a surprising 133 million bushels to 1,650 million bushels. Sept. 1 U.S. wheat stocks totaled 1,776 million bushels, right at the average market estimate and unchanged from last year.

Larger than expected U.S. soybean supplies are colliding with a slowing export demand and mostly favorable weather in Brazil. Corn and wheat stay supportive amid escalating Black Sea risks. Chicago-based research company AgResource desires to have a majority of 2022 production priced prior to winter. Soybeans will be the agricultural market's bearish laggard amid recent Argentine sales and non-threatening Brazilian weather. Corn is the bullish stalwart.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In World

U.S. expects reduced tempo in Ukraine fighting to continue for months
Messi, Alvarez fire Argentina into World Cup last 8 (updated-2)
Historic crown to be modified for King Charles's coronation
Swedish pension funds invest in cryptocurrency: media
Messi celebrates 1,000th game with goal, World Cup quarterfinal tie against Netherlands
Ukraine slaps sanctions on senior clerics in pro-Moscow church
Messi, Alvarez fire Argentina into World Cup last 8 (updated-1)
Messi, Alvarez fire Argentina into World Cup last 8
Rocket fired from Gaza into Israel: military
Putin insincere about peace talks, takes war to new level of 'barbarism' - a top U.S. diplomat

Others Also Read