U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Wednesday, 29 Mar 2023

CHICAGO, March 28 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn falling slightly while wheat and soybean rising.

The most active corn contract for May delivery fell one cent, or 0.15 percent, to settle at 6.4725 U.S. dollars per bushel. May wheat rose 1.75 cents, or 0.25 percent, to settle at 6.9975 dollars per bushel. May soybean gained 25.5 cents, or 1.77 percent, to settle at 14.6775 dollars per bushel.

CBOT corn and wheat in the United States collided with chart-based resistance, while soybeans continued its recovery from last week's lows.

The market has dialed in an expansion of corn area in 2023 worth 2-3 million acres, which keeps U.S. soybean and wheat balance sheets rather tight. Chicago-based research company AgResource suggests staying patient with 2023 sales.

The U.S. Department of Agriculture daily reporting system included another sell of old crop corn to China worth 136,000 metric tons. Announced sales to China since mid-March now total 2.89 million metric tons.

Heavy snowfall is projected across the Central and Northern Plains and Upper Midwest next week. Abnormally heavy snow cover keeps temperatures cold across the Northern United States. A favorable warmer pattern will emerge in the Delta and Midwest next week.

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