On Wednesday, Chicago Board of Trade (CBOT) agricultural futures closed with mixed results. Corn and soybean prices saw increases, while wheat prices fell.
The most active corn contract for March delivery rose 0.5 cents, or 0.11 percent, to settle at 4.4825 U.S. dollars per bushel. March wheat, on the other hand, fell 10.25 cents, or 1.69 percent, to settle at 5.9525 dollars per bushel. In contrast, March soybean gained 3.5 cents, or 0.29 percent, to settle at 12.2225 dollars per bushel.
As the month drew to a close, CBOT grains experienced thinning trade. AgResource, a Chicago-based research company, predicts that CBOT consolidation will occur as the trade handles South American weather and crop sizes.
Last week, U.S. ethanol production reached 291 million gallons, marking an increase of 51 million gallons from the previous week but a 4 percent decrease from the previous year. The country’s ethanol stocks dropped by 65 million gallons to 1,019 million gallons, and U.S. gasoline consumption decreased by 4 percent from the previous year to 8.13 million barrels per day. Furthermore, U.S. crude oil stocks increased by one million barrels from the previous week, but were down by 7 percent from the previous year.
It is drier from Parana Brazil southward, and the combination of a month of dryness and seven to eight days of extreme heat will negatively impact yield potential. Southern Brazil is expected to continue experiencing hot and dry conditions until Feb. 15.
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