U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Thursday, 06 Oct 2022

CHICAGO, Oct. 5 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn rising and wheat and soybean falling.

The most active corn contract for December delivery rose one cent, or 0.15 percent, to settle at 6.84 U.S. dollars per bushel. December wheat fell one cent, or 0.11 percent, to settle at 9.02 dollars per bushel. November soybean shed 13.75 cents, or 0.99 percent, to settle at 13.6975 dollars per bushel.

Global cash markets stay weak with trade reduced on the slowing world economic outlook. The U.S. Department of Agriculture's World Agricultural Supply and Demand Estimate report will be released next week. Chicago-based research company AgResource suggests selling December corn above 7.00 dollars and Kansas December wheat above 10.40 dollars.

Russia has announced that its wheat production will grow by 5 million metric tons annually.

Tunisia purchased Russian wheat. Russian wheat continues to capture world wheat demand amid its attractive price. U.S. wheat is overvalued in world wheat trade.

The key crop-growing regions of the Midwest and the Plains stay in a below normal rainfall trend. Frosty temperatures will occur Friday and the weekend with warming next week. An open window for harvest persists.

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