CHICAGO, Oct. 23 (Xinhua) — Chicago Board of Trade (CBOT) agricultural futures closed on Monday with a mixed performance, as corn and soybean prices declined while wheat prices rose.
The December delivery corn contract, which was the most active, experienced a decrease of 5.25 cents, equivalent to a 1.06 percent drop, and settled at 4.9025 U.S. dollars per bushel. On the other hand, the December wheat contract saw an increase of 1.25 cents, representing a 0.21 percent rise, and settled at 5.8725 dollars per bushel. The November soybean contract fell by 15.5 cents, or 1.19 percent, and settled at 12.8675 dollars per bushel.
As the U.S. harvest approaches completion in early November, the price pattern of the CBOT displayed two steps forward and one step backward. In light of this, the Chicago-based research company AgResource advises against selling during sharp breaks, as it anticipates that the CBOT will reach its seasonal lows and predicts a post-harvest rally into mid-November.
In the week ending October 19, the United States exported 17.2 million bushels of corn, 90.3 million bushels of soybeans, and 6.2 million bushels of wheat. For the current crop years, the United States has exported a total of 127 million bushels of corn, reflecting a 14 percent increase compared to the previous year; 111.1 million bushels of soybeans, indicating an 8 percent increase; and 233 million bushels of wheat, representing a decline of 30 percent.
The weekly progress of the U.S. harvest is estimated to range between 74 to 77 percent for soybeans and 62 to 65 percent for corn.
Dry conditions persist in Northern Brazil and Argentina, while heavy rain is forecasted for Southern Brazil and Paraguay. Argentina may receive rain later on during the week. The extreme heat in Northern Brazil exacerbates soil moisture loss.
