U.S. agricultural futures close mixed

Xinhua News,CHICAGO
2020-11-03 06:14

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CHICAGO, Nov. 2 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Monday, with corn and soybean falling and wheat rising.

The most active corn contract for December delivery fell one cent, or 0.25 percent, to settle at 3.975 dollars per bushel. December wheat rose 9 cents, or 1.5 percent, to settle at 6.075 dollars per bushel. January soybean shed 4 cents, or 0.38 percent, to close at 10.5225 dollars per bushel.

CBOT futures trade volume diminished as traders and fund managers awaited U.S. election results.

Corn futures were sagging on worries over new U.S. regional lockdowns to flatten the health care curve as U.S. COVID-19 cases surge. Although a national U.S. lockdown is unlikely, U.S. ethanol demand could sag as Americans drive fewer miles amid the need to lower infection rates, Chicago-based research company AgResource noted.

Wheat futures are higher as nearly one million metric tons of new world wheat demand is working.

U.S. Department of Agriculture (USDA) reported U.S. export inspections for the week ending Oct. 29 were 28.4 million bushels of corn, 76.5 million bushels of soybeans and 10.5 million bushels of wheat. Soybean, corn and wheat export estimates were slightly less than expected. China accounted for 44.5 million bushels or 58 percent of the week's total shipments. China also accounted for 14 million bushels or 50 percent of the U.S. corn exports in the week.

USDA reported the sale of 204,000 metric tons of U.S. corn to an unknown buyer. U.S. corn sales have been featured daily since Ukraine FOB offers shot up last week.

Weather forecast shows there will be limited rainfall for Argentina and Southern Brazil over the next 10 to 12 days. Daily rain chances will be ongoing across Northern Brazil. Showers will allow Brazilian soybean planting to accelerate across major producing states Parana and Mato Grosso do Sul.

U.S. corn is in strong demand from importers. With Russian wheat and flour prices rising, it is difficult to be bearish amid concerning dryness across a good portion of Argentina and at least half of Brazil, AgResource predicted.
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