U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Friday, 01 Mar 2024

CHICAGO, Feb. 29 (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 May delivery rose one cent, or 0.23 percent, to settle at 4.295 U.S. dollars per bushel. May wheat gained 1.5 cents, or 0.26 percent, to settle at 5.7625 dollars per bushel. May soybean fell 4.5 cents, or 0.39 percent, to settle at 11.4075 dollars per bushel.

Corn futures are finding speculative short covering and new buyers. The U.S. Department of Agriculture (USDA) March crop report is due out Friday next week. Chicago-based research company AgResource holds that discussion on Brazilian soybean and corn crop sizes will become the market's focus.

U.S. weekly sales for the week ending Feb. 22 were 12 million bushels of wheat, 42.6 million bushels of corn and 5.9 million bushels of soybeans.

For respective crop years to date, the United States has sold 667 million bushels of wheat, up 6 percent year on year; 1,500 million bushels of corn, up 30 percent; and 1,434 million bushels of soybeans, down 20 percent.

The U.S. Energy Information Administration (EIA) December biofuel report showed expanded use of feedstocks and production. Total feedstock December use was a record large 27,104 million pounds. U.S. renewable diesel capacity is quickly ramping up.

Rain is forecast across Brazil and Argentina. The coming rain will be enough to satisfy the early moisture needs of corn. No lasting extreme temperature is forecast.

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

Next In World

Flash floods leave at least 1,000 homeless in northern Tanzania
Chinese organization to boost recycling of renewable resources
German transport sector must reduce emissions immediately: audit report
Namibia launches projects to tackle malnutrition, climate impacts
Roundup: Flags at half-mast, Sydney Opera House lit up in tribute to victims of shopping center attack
Prince Harry loses first appeal bid in challenge over his UK police protection
FBI opens criminal probe into deadly Baltimore bridge collapse
Iraq postpones vote on bill including death penalty for same-sex acts
India's Modi warns of 'black money' in political funding after old system scrapped by court
Australian police arrest 15-year-old after bishop wounded in church stabbing

Others Also Read