U.S. agricultural futures close mixed

CHICAGO, June 15 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn rising and wheat and soybean falling.

The most active corn contract for July delivery rose 5.75 cents, or 0.75 percent, to settle at 7.74 U.S. dollars per bushel. July wheat fell 0.25 cent, or 0.02 percent, to settle at 10.5 dollars per bushel. July soybean lost 4.75 cents, or 0.28 percent, to settle at 16.9375 dollars per bushel.

Trade volume remained modest. U.S. financial markets have digested the Federal Reserve's rate hike of 75 basis points and are forecasting that the Fed will raise rates higher through its September meeting.

A massive and amplified high pressure ridge will hold across the Central U.S. into late June. The odds are high that this ridge will stay or return during July. Risk off has been the theme as the Federal Reserve raises rates. Chicago-based research company AgResource looks for a CBOT recovery into the long U.S. holiday weekend.

U.S. Department of Agriculture (USDA) reported that 100,000 metric tons of U.S. old crop soybeans sold to an unknown destination were cancelled. AgResource hears that 4-6 cargoes of U.S. old crop soybeans have been switched to Brazil. However, the Brazilian export pace is seasonally declining, and the Brazilian soybean sales season is coming to an end.

Informa estimated U.S. 2022 corn seeded acres at 90.9 million acres, up 900,000 acres from USDA estimate, with soybean seeding at 88.7 million acres, down 2.3 million acres; and spring wheat seeding at 10.5 million acres, down 700,000 acres.

U.S. ethanol production remains near a record high and above the weekly average to reach the annual forecast of the World Agricultural Supply and Demand Estimate (WASDE) report.

The National Oilseed Processors Association (NOPA) members reported a record May soybean crush of 171.1 million bushels, surpassing the prior record of 169.6 million bushels set in 2020. NOPA soyoil stocks fell to 1.774 billion pounds, down 2.2 percent to its lowest level since September on strong domestic demand by renewal diesel producers.

An intense/expansive high pressure ridge is projected across the Central U.S. A few showers are possible across Wisconsin and Northern Illinois in the next 24 hours, otherwise, the forecast is dry through Wednesday. The ridge then amplifies to produce another round of heat. The Central Plains and the Southwest Midwest hold in an arid flow.