U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Wednesday, 05 Oct 2022

CHICAGO, Oct. 4 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn and soybean rising and wheat falling.

The most active corn contract for December delivery rose 2.25 cents, or 0.33 percent, to settle at 6.83 U.S. dollars per bushel. December wheat fell 9 cents, or 0.99 percent, to settle at 9.03 dollars per bushel. November soybean gained 9.5 cents, or 0.69 percent, to settle at 13.835 dollars per bushel.

The next few days will be technically important for the wheat market as December wheat has converged with the 100- and 200-day moving averages.

The advancing harvest is keeping pressure on U.S. cash markets, which will remain under pressure until harvest at least reaches 50 percent complete. Chicago-based research company AgResource suggests using strong rallies in the coming weeks to advance old crop sales.

Longer term, the advancing Brazilian crops will be highly competitive with the U.S. market for world exports. CONAB reported Monday that Brazil had planted 23 percent of its first corn crop compared to 24 percent last year. Soybean planting progress was reported at 4.6 percent complete on a national basis compared to 3.9 percent last year. South American weather will take on increased importance in the coming weeks as planting progress advances and crops emerge.

The key crop-growing regions of the Central Midwest and Western Plains states will stay dry in the week with light rains to move into the region in the last half of next week. Above-average temperatures are forecast across most of the Corn Belt for the next week. The open harvest window will see corn and soybean harvest advance quickly across the country. However, lack of rain will worsen the transport problems on the U.S. river systems.

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