U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Tuesday, 05 Dec 2023

CHICAGO, Dec. 4 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Monday, with corn and wheat rising and soybean falling.

The most active corn contract for March delivery rose 0.75 cents, or 0.15 percent, to settle at 4.855 U.S. dollars per bushel. March wheat soared 17.75 cents, or 2.94 percent, to settle at 6.205 dollars per bushel. January soybean fell 18.75 cents, or 1.42 percent, to settle at 13.0625 dollars per bushel.

January soybean dropped on projected rainfall in Brazil in mid-December, while wheat surged on confirmation of sizable demand from China for U.S. soft red winter (SRW) wheat.

Chicago-based research company AgResource holds it is critical that above-normal rainfall occurs in Central and Northern Brazil in December and January.

The U.S. Department of Agriculture (USDA) announced that U.S. exporters on Monday sold 267,044 metric tons of corn to Mexico and 440,000 metric tons of SRW wheat to China, bringing 2023-2024 U.S. total SRW export to China to 124 million bushels.

U.S. export inspections in the week ending Nov. 30 were 46 million bushels of corn, as against 16 million bushels in the previous week; 41 million bushels of soybeans, as against 58 million bushels in the prior week; and 11 million bushels of wheat, as against 10 million bushels in the previous week.

Corn shipments were above all trade expectations and featured 11 million bushels to China, the largest in 6 months. Cumulative corn inspections this year were at 332 million bushels, up 27 percent year on year.

French wheat seeding is just 82 percent complete, as against 74 percent a week ago and 95 percent on average.

Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) pegged Australian wheat production at 25.5 million metric tons.

Widespread heavy rainfall is projected across Central Brazil on Dec. 11-18. Near-term Brazilian forecasts have trended drier, while longer term outlooks have trended wetter.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In World

Protesting Indian farmers burn effigies of Modi and other ministers
Biden announces new sanctions vs Russia two years into Ukraine war
'Good news': Poland to get up to 137 billion euros in funds, says EU chief
Pakistani Islamist parties rally against top judge on blasphemy accusations
Somalia will defend itself if Ethiopia seals 'illegal' port deal, president says
UK-born woman who joined Islamic State loses appeal over citizenship removal
Man found guilty of murder in Alaska Native woman’s killing that was captured on stolen memory card
Germany set to join legal cannabis club
Sudan's warring sides commit abuses, including strikes on fleeing civilians, UN report says
MWC 2024: AI in focus at world’s top mobile fair in Spain

Others Also Read