Tuesday, April 23, 2024
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U.S. Agricultural Futures Close Mixed

Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn and soybean rising and wheat falling.

The most active corn contract for December delivery rose one cent, or 0.21 percent, to settle at 4.7825 U.S. dollars per bushel. December wheat fell seven cents, or 1.21 percent, to settle at 5.72 dollars per bushel. January soybean gained 7.25 cents, or 0.52 percent, to settle at 13.8975 dollars per bushel.

Traders are awaiting news on the China-U.S. summit at the APEC meeting. Chicago-based research company AgResource holds that market focus is now on South American weather due to its importance on future U.S. corn and soybean export demand.

The U.S. Department of Agriculture announced that Mexico purchased 101,745 metric tons of U.S. corn.

The National Oilseed Processors Association will report October member crush and soybean product stocks on Wednesday.

Exceptional heat and dryness blanket Central and Northern Brazil into Nov. 20, with showers returning next week. Nevertheless, the coming showers will not be enough to address crop stress if another period of hot and dry weather returns in the closing days of November. Southern Brazil endures additional flooding rains, which add to crop woe amid saturated soils.

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