U.S. agricultural futures close mixed

CHICAGO, Aug. 22 (Xinhua) — The Chicago Board of Trade (CBOT) agricultural futures experienced a mixed closing on Tuesday, with corn and soybean prices declining and wheat prices increasing.

The December delivery contract for corn, which was the most active, saw a decrease of 3 cents, or 0.62 percent, settling at 4.795 U.S. dollars per bushel. On the other hand, the December wheat contract rose by 2 cents, or 0.32 percent, settling at 6.275 dollars per bushel. Similarly, the November soybean contract lost 15.75 cents, or 1.16 percent, and settled at 13.46 dollars per bushel.

The CBOT agricultural markets were weakened due to the U.S. dollar index reaching an 11-week high.

The trade volume remains low, with limited new buying and even absence of it towards the end of the month, as the looming North Hemisphere harvest signifies a tepid market. However, there is potential for recovery with record large global soybean and wheat trade, along with a rebound in corn demand. Sales are cautioned against by AgResource, a research company based in Chicago.

Egypt’s GASC (General Authority for Supply Commodities) purchased one cargo of Romanian wheat at a FOB (Free on Board) price of 256 dollars per metric ton on Tuesday. Egypt has secured its supply needs until mid-October.

U.S. exporters made sales of 112,000 metric tons of U.S. corn for delivery in 2024-2025 and 112,000 metric tons for delivery in 2025-2026 to Mexico.

The weather forecast indicates an ongoing lack of precipitation until the first full week of September. While extreme heat is expected to end on Friday, evaporation rates will remain high, perpetuating arid conditions.