U.S. agricultural futures close mixed

CHICAGO, Aug. 24 (Xinhua) – Agricultural futures on the Chicago Board of Trade (CBOT) closed with a mixed performance on Thursday. Corn and wheat prices fell, while soybean prices rose.

The December delivery contract for corn, the most actively traded, dropped by 2.25 cents, or 0.46 percent, settling at 4.8825 U.S. dollars per bushel. December wheat also experienced a decline, losing 8 cents, or 1.25 percent, to settle at 6.3175 dollars per bushel. On the other hand, November soybeans increased by 11.25 cents, or 0.83 percent, reaching a settlement of 13.7175 dollars per bushel.

A decrease in breaking news and the release of a decent corn yield estimate for Illinois by Pro Farmer exerted downward pressure on corn and wheat prices worldwide. However, the soybean market remained resilient above 13.50 dollars, benefiting from threatening weather conditions in the central United States.

AgResource, a Chicago-based research company, suggested that seasonal lows are approaching and anticipates elevated market volatility to persist until early 2024.

Furthermore, the spot soybean crush margin remained above 2.50 dollars per bushel, compared to 50 cents to 1 dollar during early summer. AgResource believes that November soybeans priced at 15.50 dollars are not overvalued.

There are expectations that the Buenos Aires Grain Exchange will reduce wheat crop ratings by one to two points, as concerns continue regarding weather patterns in the Southern Hemisphere.

In terms of export sales, the United States reported 26 million bushels of corn in the week ending Aug. 17, a decrease from the 37 million bushels recorded in the previous week. Soybeans, on the other hand, saw an increase to 58 million bushels from 50 million bushels, while wheat export sales reached 15 million bushels compared to 13 million bushels in the prior week.

The Central United States is currently experiencing near complete dryness, which is expected to persist through the beginning of September. With the approach of autumn, the North American climate is being dominated by an upper-level high-pressure ridge. Texas and Oklahoma are seeing abnormal dryness and drought conditions intensify.