U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Wednesday, 28 Feb 2024

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

The most active corn contract for May delivery rose 2 cents, or 0.47 percent, to settle at 4.235 U.S. dollars per bushel. May wheat gained 9.5 cents, or 1.65 percent, to settle at 5.8425 dollars per bushel. May soybean fell 4.5 cents, or 0.39 percent, to settle at 11.4075 dollars per bushel.

Corn and wheat were higher on short covering and selective speculative buying. A seasonal low has likely been scored.

The U.S. market needs to see a bottom in Russian wheat to sustain a lasting recovery. Chicago-based research company AgResource suggests traders be prepared for volatility.

Insiders forecast that Brazil's ethanol production margin grew by 37 percent in February on the slide in the price of corn. The rising margin will boost Brazilian corn grind which could reach a record this year.

The U.S. Department of Agriculture confirmed that U.S. exporters sold 123,000 metric tons of U.S. soybeans to an unknown destination.

It is slightly drier across North Central Brazil. The southern one-third of Argentina is also in need of moisture. It is North Central Brazil dryness that is worrisome.

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