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.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In World

Thai police arrest 14-yr-old suspected gunman after 3 killed at Bangkok mall
Russia says 335,000 sign up to fight, no plans for new mobilisation
Romania marks decision to teach Jewish history, Holocaust in schools
Rwandan genocide suspect arrested in the Netherlands
Canada to pick new House speaker after fiasco involving former Nazi soldier
Trump civil fraud trial enters second day as business empire hangs in balance
Trio win Nobel physics prize for tiny light pulses that capture changes in atoms
Ukraine to build first underground school in Kharkiv - official
Russia says moon shot failed due to control unit malfunction
Microsoft was willing to drop Bing name to nab Apple search deal

Air Pollutant Index

Highest API Readings

    Select State and Location to view the latest API reading

    Source: Department of Environment, Malaysia

    Others Also Read