U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Wednesday, 30 Nov 2022

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

The most active corn contract for March delivery fell 1.75 cents, or 0.26 percent, to settle at 6.695 U.S. dollars per bushel. March wheat rose 0.75 cents, or 0.1 percent, to settle at 7.815 dollars per bushel. January soybean gained 2.25 cents, or 0.15 percent, to settle at 14.595 dollars per bushel.

Choppiness continued on CBOT amid lack of breaking news. Trade volume was thin and enthusiasm was lacking.

The bulls require significant improvement in U.S. export demand, which is highly unlikely given current world price relationships. Brazilian soybeans are quoted below the U.S. market for delivery as early as late January. Chicago-based research company AgResource maintains the strategy of using supply-driven rallies to sell.

Negotiations continue over Mexico's planned ban on GMO corn imports in 2024 and beyond. Mexican imports of U.S. corn scored a new record in 2021-2022, but U.S. corn export commitments to Mexico as of Nov. 17 are down 11 percent year on year at 342 million bushels.

Brazilian corn futures remain unmoved and have traded in a range of 7.00 dollars to 7.10 dollars since early November.

Moderate rainfall will impact western Cordoba, otherwise warmth and dryness will be in place across Argentina into Dec. 12-13, with rapid soil moisture loss lying ahead. The Brazilian weather outlook remains nearly ideal.

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