U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Wednesday, 24 May 2023

CHICAGO, May 23 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn and wheat rising and soybean falling.

The most active corn contract for July delivery rose 6.5 cents, or 1.14 percent, to settle at 5.775 U.S. dollars per bushel. July wheat soared 16 cents, or 2.64 percent, to settle at 6.2225 dollars per bushel. July soybean fell 18.75 cents, or 1.4 percent, to settle at 13.225 dollars per bushel.

Weather continues to command attention, but traders understand that U.S. crop yields are made from the middle of June to the end of August. It is premature to be overly worried.

A long U.S. holiday weekend, U.S. debt ceiling impasse, and worrisome Central U.S., Russian spring wheat are conspiring to boost CBOT volatility, and market risks are tilted to the upside. Chicago-based research company AgResource maintains a vision that U.S. world supply losses will push CBOT values higher in June.

Ukraine complains that Russia is not fully enacting the 60-day extension of the grain corridor that was extended last week. Russian grain trade is becoming complicated, but export sources agree that wheat is buyable at 245 dollars per metric ton for June.

It is a tad wetter for the Northern Plains and a tad drier for Missouri and the Delta. U.S. Midwest holds an arid weather trend for the next two weeks. The North American pattern is slow moving with Midwest dryness to deepen during June. The Southern Plains will be seeking sunshine and dryness for harvesting HRW wheat soon.

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