Sat, 28 Jan 2023

U.S. agricultural futures close mixed

Xinhua
21 Jan 2023, 08:44 GMT+10

CHICAGO, Jan. 20 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and soybean falling and wheat rising.

The most active corn contract for March delivery fell one cent, or 0.15 percent, to settle at 6.7625 U.S. dollars per bushel. March wheat rose 7 cents, or 0.95 percent, to settle at 7.415 dollars per bushel. March soybean lost 8.25 cents, or 0.54 percent, to settle at 15.065 dollars per bushel.

China's upcoming Lunar New Year holiday and wet weather forecasts for Argentina with needed rain falling across Buenos Aires and Cordoba sparked selling as the bulls look to take profits on rallies.

It is the above normal Argentine rain and ongoing discussions of record soybean yields being cut in Mato Grosso/Goias that will direct CBOT prices. Paris wheat futures are unmoved, suggesting CBOT wheat rally is just short covering. Chicago-based research company AgResource stays bearish and suggests selling rallies.

U.S. weekly export sales for the week ending Jan. 12 were 17.4 million bushels of wheat, 44.6 million bushels of corn and 36.2 million bushels of soybeans. The sales were on the top end of trade expectations.

For respective crop years to date, the United States has sold 571 million bushels of wheat, down 6 percent year on year; 910 million bushels of corn, down 46 percent; and 1,668 million bushels of soybeans, up 5 percent.

Moderate to at times heavy rain continues across Cordoba and Buenos Aires, and weather forecast maintains a wetter pattern across Argentina for the next 10 days. Near normal rain falls across Northern and Central Brazil, which is ideal for late podding soybeans. There will be enough dry slots for Northern Brazilian farmers to advance their harvest and the seeding of winter corn. No extreme heat is forecast for Brazil, and the weather pattern stays favorable for Brazil.

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