Markets > Futures

U.S. agricultural futures close mixed

2022-03-24 04:46

Already collect

CHICAGO, March 23 (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 4.75 cents, or 0.63 percent, to settle at 7.5775 U.S. dollars per bushel. May wheat fell 12.5 cents, or 1.12 percent, to settle at 11.0575 dollars per bushel. May soybean gained 22.25 cents, or 1.31 percent, to settle at 17.1875 dollars per bushel.

Wheat dropped while row crops were higher amid surging global crude prices. U.S. Department of Agriculture (USDA) failed to report new U.S. export demand. Trade volume in Chicago wheat remains rather weak. Soybean was the leader as the Canadian canola markets scores a new all-time high.

The outlook stays bullish. Chicago-based research company AgResource maintains a strategy of only adding to market length on corrections. USDA stocks/seeding report will provide a benchmark to measure the need for short- and long-term supply rationing.

Weekly energy data released by the Energy Information Administration (EIA) on Wednesday leans broadly supportive, with ethanol production through the week ending March 18 totaled 306 million gallons, as against 302 million gallons in the previous week. U.S. ethanol inventories continue to build, and 1,098 million gallons are record large for mid-March.

APK Inform, a widely followed Black Sea news source, has estimated 2022-2023 Ukrainian corn exports at 19 million metric tons, as against pre-conflict 2021-2022 estimates of 33-34 million metric tons. New crop wheat exports are projected at 10 million metric tons, as against 20 million metric tons in 2021-2022.

The eastern Plains, Midwest and Delta will be open to wet and cool air, with a steady flow of moderate to heavy showers projected into April 1. The next chance of widespread and meaningful precipitation will occur from next Wednesday to Friday.
Add comments

Latest comments

Latest News
News Most Viewed