U.S. Agricultural Futures Close Mixed
CHICAGO, (APP – UrduPoint / Pakistan Point News – 28th Oct, 2023) Chicago board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and soybean rising and wheat falling.
The most active corn contract for December delivery rose 1.5 cents, or 0.31 percent, to settle at 4.8075 U.S. Dollars per bushel. December wheat fell 4 cents, or 0.69 percent, to settle at 5.755 dollars per bushel. January soybean gained 19.25 cents, or 1.48 percent, to settle at 13.195 dollars per bushel.
It is difficult to be bearish of soybean cash prices given processor profitability as physical soybean supplies in Argentina won’t be fully replenished until spring.
Lack of drought across U.S. Southern Plains, as well as additional soil moisture improvement in Texas and eastern Oklahoma has weighed on wheat futures.
Chicago-based research company AgResource sees nothing to disrupt positive corn and soybean seasonal trends into at least winter. Debate will center on the extent of recoveries, which will be a function of South American weather exclusively December onward.
