U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Thursday, 01 Jun 2023

CHICAGO, May 31 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn unchanged and wheat and soybean rising.

The most active corn contract for July delivery settled at 5.94 U.S. dollars per bushel, unchanged from the previous trading day. July wheat rose 3.25 cents, or 0.55 percent, to settle at 5.9425 dollars per bushel. July soybean gained 3.25 cents, or 0.25 percent, to settle at 12.9975 dollars per bushel.

Fund managers have returned to the buy side of the market as traders watch to see if the U.S. Congress can pass the debt ceiling bill as proposed by U.S. President Joe Biden and House Speaker Kevin McCarthy over the weekend. The Office of Management and Budget (OMB) has scored the debt ceiling package as dropping the U.S. budget deficit by 1.5 trillion dollars over the next 10 years.

Chicago-based research company AgResource's worry for Central U.S. weather stays high. This is no place to be making new grain sales.

Weather forecast maintains dryness for the majority of the Midwest for the next ten to 12 days. Daily showers will fall across the Central and Southern Plains. Concern is growing for hard red winter (HRW) wheat crop quality.

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