U.S. agricultural futures close mixed

By Xu Jing
  • World
  • Saturday, 02 Mar 2024

CHICAGO, March 1 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and wheat falling and soybean rising.

The most active corn contract for May delivery fell 4.75 cents, or 1.11 percent, to settle at 4.2475 U.S. dollars per bushel. May wheat plunged 18.5 cents, or 3.21 percent, to settle at 5.5775 dollars per bushel. May soybean rose 10.5 cents, or 0.92 percent, to settle at 11.5125 dollars per bushel.

U.S. wheat futures sagged as Paris wheat futures drop to the lowest level since 2020. Corn has been dragged lower by the wheat weakness, and soybean futures have been supported by firming Brazilian basis in the May forward timeframe as the market started to dial in a smaller Brazilian harvest. Market volatility in a host of commodity markets is starting to pick up with the new Northern Hemisphere growing season ahead.

Chicago-based research company AgResource holds that agricultural bottoms are being formed. The U.S. Department of Agriculture's March crop report will be out next Friday.

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. Southern Argentina will be in need of better rainfall by the end of next week.

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