U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Thursday, 29 Feb 2024

CHICAGO, Feb. 28 (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 May delivery rose 5 cents, or 1.18 percent, to settle at 4.285 U.S. dollars per bushel. May wheat fell 9.5 cents, or 1.63 percent, to settle at 5.7475 dollars per bushel. May soybean gained 4.5 cents, or 0.39 percent, to settle at 11.4525 dollars per bushel.

Corn futures were higher with May holding support and looking to test last week's high at 4.34 dollars. Wheat futures sagged as Russia has been aggressive in shedding old crop wheat and trying to boost export demand.

It is a choppy day at the CBOT. Chicago-based research company AgResource suggests being careful with any new sales.

It is noted that China continued to book Ukrainian corn with a few additional cargoes sold Wednesday. In total, Ukraine has some 12 to 15 cargoes of corn to China.

U.S. weekly ethanol production was 319 million gallons, up 7 percent from a year ago. U.S. ethanol stocks rose to 1,093 million gallons, up 5 percent year on year.

It is slightly wetter across North Central Brazil. The rain will be enough to satisfy the early moisture needs of corn. The southern one-third of Argentina is also in need of moisture. No lasting extreme temperature is forecast.

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