U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Thursday, 28 Sep 2023

CHICAGO, Sept. 27 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn and soybean rising and wheat falling.

The most active corn contract for December delivery rose 3.5 cents, or 0.73 percent, to settle at 4.8325 U.S. dollars per bushel. December wheat fell 9.5 cents, or 1.61 percent, to settle at 5.795 dollars per bushel. November soybean gained 0.5 cents, or 0.04 percent, to settle at 13.0325 dollars per bushel.

Wheat futures sagged on Egypt's General Authority For Supply Commodities (GASC) purchase of Romanian and Bulgarian wheat. Corn futures rise above chart resistance due to a surge in energy prices, and a close above 4.83 dollars for December corn projects an initial rally to 5.10-5.20 dollars. Seasonal lows often occur in soybeans in early October as U.S. soybean harvest pushes beyond 40 percent.

It is all about Friday's U.S. Department of Agriculture (USDA) Stocks and Final Grains report, Chicago-based research company AgResource holds. The availability of an October USDA Crop Report depends on whether the U.S. government closes due to the 2024 budget impasse.

GASC secured 170,000 metric tons of Romanian and Bulgarian wheat at an FOB of 255 dollars per metric ton. Egyptian government is short of wheat and has need to expand imports from late October into early 2024.

U.S. energy prices are surging as deliverable U.S. crude oil stocks continue to decline. U.S. crude stocks fell 2.2 million barrels to 416.3 million barrels.

U.S. weekly ethanol production amounted to 297 million gallons, up 18 percent from last year. U.S. ethanol stocks rose to 926 million gallons, 3 percent below last year. U.S. ethanol margins are at their best levels in a decade.

It is wetter across the Central and Eastern Midwest for the second week. Thereafter, a 6-7 day period of warm and dry weather occurs. Rapid harvesting in the Midwest is anticipated.

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