CHICAGO, June 1 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Thursday, with corn falling and wheat and soybean rising.
The most active corn contract for July delivery fell 1.5 cents, or 0.25 percent, to settle at 5.925 U.S. dollars per bushel. July wheat soared 16.5 cents, or 2.78 percent, to settle at 6.1075 dollars per bushel. July soybean rose 29.75 cents, or 2.29 percent, to settle at 13.295 dollars per bushel.
Wheat and soybean futures rallied on growing dry weather in the Midwest and Delta and the potential adverse impact on crop yield. The U.S. Senate is expected to pass the debt ceiling bill with President Joe Biden signing it into law by Monday. This means the United States will avoid a default into early 2025.
It is going to be an important weather weekend with crops in the Midwest and Delta in immediate need of rain while the Plains are enduring too much rain with a need to finish planting and advance the hard red winter (HRW) wheat harvest. Chicago-based research company AgResource maintains a longer-term view for Central U.S. dryness bedeviling crops in the Midwest into July.
U.S. weekly ethanol production improved to 295 million gallons, as against 289 million gallons in the previous week. U.S. ethanol stocks were 938 million gallons, up 12 million gallons from the prior week.
Weather forecast shows dry and warm weather conditions in the Midwest and Delta may continue into June 10.