U.S. agricultural futures close mixed

By Xu Jing

CHICAGO, Dec. 2 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and wheat falling and soybean rising.

The most active corn contract for March delivery fell 14.25 cents, or 2.16 percent, to settle at 6.4625 U.S. dollars per bushel. March wheat plunged 22 cents, or 2.81 percent, to settle at 7.61 dollars per bushel. January soybean rose 8.75 cents, or 0.61 percent, to settle at 14.385 dollars per bushel.

Due to large fund selling, March corn futures fell below the November low at 6.535 dollars, and Chicago wheat tested the July low at 7.30 dollars. Soybeans recovered as crush margins collapsed. Chicago-based research company AgResource fears that additional long liquidation will occur next week.

AgResource stays bearish of soybeans and corn and neutral to positive of world wheat. Depressed world wheat prices are stoking fresh demand.

U.S. Environmental Protection Agency (EPA) released a final rule providing a pathway forward for canola or rapeseed oil to be eligible for U.S. fuel production of biodiesel, renewable diesel, jet fuel, and heating oil in the hydrotreating process.

Statistics Canada estimated 2022 Canadian wheat production at 28.38 million metric tons, down 200,000 metric tons from the September estimate of 28.58 million metric tons.

China has been noted as securing four to five cargoes of U.S. soybeans for January, and five to seven cargoes of Brazilian soybeans for February/March. China is finishing out its January purchase program before the full transition to South America in February.

It will be wet for Brazil, but drier across the southern half of Argentina in the next 10 days. Heat and dryness will occur this weekend and next week across Argentina, and a prevailing drought has slowed spring soybean and corn seeding. Weather outlook in Brazil lacks issues, with normal to above normal rainfall offered to the entirety of Brazil's Soy Belt in the next 10 days.

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