U.S. agricultural futures close mixed
Feb 04, 2023
Chicago [US], February 4: Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn rising and wheat and soybean falling.
The most active corn contract for March delivery rose 2.25 cents, or 0.33 percent, to settle at 6.775 U.S. dollars per bushel. March wheat fell 4.25 cents, or 0.56 percent, to settle at 7.5675 dollars per bushel. March soybean lost 2.25 cents, or 0.15 percent, to settle at 15.32 dollars per bushel.
Corn and wheat hold in trading ranges. Chicago-based research company AgResource warns against chasing rallies or breaks. The time after the February Crop Report will be key to monitor for a more sustained decline in soybeans and corn. Wheat will stay range-bound longer term.
The U.S. Department of Agriculture announced the sale of 132,000 metric tons of U.S. soybeans to an unknown buyer for 2023-2024, and will release the February Crop Report on Wednesday.
Limited rainfall is forecast for Argentina for the next 8-9 days with showers returning after Feb. 12. AgResource doubts that Argentina will return to a dire drought. Weather in Brazil stays favorable.
Source: Xinhua
