CHICAGO, March 1 (Xinhua) — The Chicago Board of Trade (CBOT) experienced a mixed session for agricultural futures on Friday, with corn and wheat prices dropping while soybean prices rose.
The most active corn contract for May delivery decreased by 4.75 cents, or 1.11 percent, to settle at 4.2475 U.S. dollars per bushel. Meanwhile, May wheat saw a significant decline of 18.5 cents, or 3.21 percent, settling at 5.5775 dollars per bushel. On the other hand, May soybean prices rose by 10.5 cents, or 0.92 percent, settling at 11.5125 dollars per bushel.
U.S. wheat futures faced pressure as Paris wheat futures hit their lowest level since 2020. This downward trend in wheat prices also impacted corn prices, while soybean futures were supported by a strong Brazilian basis in the May forward timeframe, reflecting expectations of a smaller Brazilian harvest. The volatility in commodity markets is increasing as the new growing season in the Northern Hemisphere approaches.
An agricultural research firm based in Chicago, AgResource, believes that agricultural markets are bottoming out, with potential signs of stabilization. Additionally, market participants are awaiting the release of the U.S. Department of Agriculture’s March crop report, scheduled for next Friday.
Weather forecasts for Brazil and Argentina indicate upcoming rain, which is expected to meet the early moisture requirements for corn crops. No extreme temperatures are anticipated, but Southern Argentina may require improved rainfall by the following week to support crop growth.
