U.S. agricultural futures close mixed

By Xu Jing

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

The most active corn contract for March delivery fell 2.5 cents, or 0.37 percent, to settle at 6.67 U.S. dollars per bushel. March wheat rose 14 cents, or 1.79 percent, to settle at 7.955 dollars per bushel. January soybean climbed 10 cents, or 0.69 percent, to settle at 14.695 dollars per bushel.

Corn sagged on lackluster export demand. Amid favorable Brazilian weather forecasts and some rain for Argentina, the grain prices are overvalued.

U.S. corn, soybean and wheat export demand stays slow which adds to end stocks with the passage of time. Chicago-based research company AgResource favors sales in corn and soybeans at current levels. Wheat values hold limited downside price potential due to stable Russian FOB wheat offers.

China bought 4-5 cargoes of Argentine soybeans Wednesday for late December/January.

The U.S. Environmental Protection Agency said that it will release biofuel mandate for 2023 by the end of the week.

The Energy Information Administration reported that U.S. ethanol production reached 299 million gallons last week, as against 306 million gallons in the prior week and down 2 percent year on year. U.S. weekly gasoline consumption was down 5 percent from last year at 8.32 million barrels per day. Slowing U.S. gasoline consumption rate spells future worry for U.S. corn grind demand.

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