U.S. Agricultural Futures Close Mixed

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

The most active corn contract for December delivery fell 0.75 cents, or 0.16 percent, to settle at 4.7925 U.S. dollars per bushel. December wheat rose 11 cents, or 1.93 percent, to settle at 5.795 dollars per bushel. January soybean lost 8.25 cents, or 0.63 percent, to settle at 13.0025 dollars per bushel.

Wheat added amid geopolitical risks, while corn and soybean retreated with crude’s correction and hope for improved rainfall in Central Brazil.

Market focus will shift to South American weather beginning in November. Chicago-based research company AgResource holds that the choppy nature of the marketplace will persist this week and the next.

U.S. export sales in the week ending Oct. 12 were 53 million bushels of corn, as against 35 million bushels in the previous week; 51 million bushels of soybeans, as against 50 million bushels; and 13 million bushels of wheat, as against 23 million bushels in the prior week.

Sorghum export sales in the week ending Oct. 12 totaled 7.5 million bushels, including known Chinese purchases of 2.6 million bushels.

The U.S. Department of Agriculture announced that U.S. exporters sold 110,000 metric tons of U.S. soybeans to China on Thursday.

A stagnant pattern of dryness is forecast for Northern Brazil. Lite and scattered rain in Central Argentina this weekend will further chip away at drought.