U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Friday, 01 Dec 2023

CHICAGO, Nov. 30 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Thursday, with corn and wheat rising and soybean falling.

The most active corn contract for March delivery rose 7 cents, or 1.47 percent, to settle at 4.8275 U.S. dollars per bushel. March wheat soared 12.25 cents, or 2.09 percent, to settle at 5.98 dollars per bushel. January soybean fell 4.25 cents, or 0.32 percent, to settle at 13.4275 dollars per bushel.

The 2023-2024 world feedgrain trade is record large helped by China's massive imports of Brazilian corn in recent months. U.S. weekly grain export sales were surprisingly better than expected in the Thanksgiving week. Northern Brazilian December weather is of the utmost importance following the record dry start of the growing season. Chicago-based research company AgResource holds that the grains are forming seasonal lows.

The U.S. Department of Agriculture (USDA) reported 134,000 metric tons of U.S. soybeans sold to China. It is learned that China has booked another cargo of U.S. soybeans for February along with 2 cargoes of Brazilian soybeans for March.

USDA weekly export sales report showed that the United States sold 75.9 million bushels of corn, 69.6 million bushels of soybeans and 22.9 million bushels of wheat in the last week. China is on pace to secure 1.5 million to 1.8 million metric tons of U.S. wheat in 2023-2024.

For respective crop years to date, the United States has sold 466 million bushels of wheat, down 6 percent; 963 million bushels of corn, up 33 percent; and 1,137 million bushels of soybeans, down 16 percent.

Ongoing dry weather will last for another three or four days before rain will fall across Northern Brazil next week. A trend of above normal temperatures and below normal rainfall persists across Northern Brazil. Unwanted rainfall continues to impact RGDS and Parana in Southern Brazil. Argentine weather is favorable with additional rain into Monday. Dry and mild conditions follow into Dec. 9 which will aid the spring seeding push.

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