U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Wednesday, 29 Nov 2023

CHICAGO, Nov. 28 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn falling and wheat and soybean rising.

The most active corn contract for March delivery fell 1.75 cents, or 0.37 percent, to settle at 4.735 U.S. dollars per bushel. March wheat soared 11 cents, or 1.96 percent, to settle at 5.72 dollars per bushel. January soybean rose 16.75 cents, or 1.26 percent, to settle at 13.465 dollars per bushel.

Soybean futures continued to pace the rally on worrisome Brazilian weather and declining crop prospects. Chicago-based research company AgResource holds that record domestic U.S. soybean demand, expanding renewable diesel production and Argentina's absence from the global meal market until spring 2024 lean supportive of global oilseed markets. Possible Brazilian soybean crop loss adds to upside potential in the first quarter of 2024.

The U.S. Department of Agriculture (USDA) announced the sale of 123,300 metric tons of U.S. soybeans to an unknown destination.

Brazil's national supply company CONAB late Monday pegged Brazilian soybean planting at 75 percent complete, as against 86 percent a year ago in late November. The drought across Northern Brazil is worsening with 13.8 percent of the crop in the flowering and 3.1 percent of the crop in the pod formation stage.

It is drier across Northern Brazil with limited rainfall for at least the next five days. Then better rain is forecast to fall across Northern Brazil after Dec. 4. Southern Brazilian weather stays wet with rains falling every two to three days.

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