U.S. agricultural futures close mixed

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Farmer Kong Debin works in the field driving an agricultural sprayer in Donglonggang village, Jisuo township, Tengzhou, east China’s Shandong province, Feb. 20, 2020. (Photo by Song Haicun/People’s Daily Online)
Farmer Kong Debin works in the field driving an agricultural sprayer in Donglonggang village, Jisuo township, Tengzhou, east China’s Shandong province, Feb. 20, 2020. (Photo by Song Haicun/People’s Daily Online)

Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn falling and wheat and soybean rising.

The most active corn contract for December delivery slipped 2 cents, or 0.59 percent, to close at 3.3975 U.S. dollars per bushel. December wheat rose 4.5 cents, or 0.87 percent, to settle at 5.22 dollars per bushel. November soybean inched up 0.25 cent, or 0.03 percent, to close at 9.14 dollars per bushel.

CBOT traders estimated that funds sold 2,400 contracts of corn, while buying 600 contracts of soybean and 2,700 contracts of wheat.

Agricultural futures traded in thin volume Wednesday as traders awaited the yield results from Illinois and Iowa, and tried to gauge the extent of the current dry spell, Chicago-based consulting company AgResource noted.

U.S. Department of Agriculture (USDA) reported that 192,000 metric tons of U.S. soybeans were sold to China in the 2020/2021 crop year.

The 2020 Ukraine grain crop was estimated at 70 million metric tons, according to the economy minister of Ukraine. This would be down 5 million metric tons from 2019. The Ukraine government and market participants agreed to export 17.5 million metric tons of wheat in the 2020/2021 crop year, which is in line with USDA and industry expectations, AgResource noted.

It will be wetter in Iowa and Illinois late next week. Mostly dry and warming conditions are projected throughout the next 10 days, with a much wetter pattern likely thereafter. Soaking rainfall is forecast across South Dakota, Nebraska and a bulk of the U.S. Midwest from Aug. 28 to 31.

The market will closely monitor weather forecasts and the results of the tour of the Professional Farmers of America (Pro Farmer), a division of Farm Journal, AgResource said.

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