U.S. agricultural futures close mixed
26.10.2022 () - CHICAGO, Oct. 25 (Xinhua) -- 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 4.75 cents, or 0.7 percent, to settle at 6.8625 U.S. dollars per bushel. December wheat fell 4 cents, or 0.48 percent, to settle at 8.3475 dollars per bushel. January soybean gained 11 cents, or 0.8 percent, to settle at 13.9225 dollars per bushel.
Corn and soybean recovered in tandem with the financial markets. Wheat markets globally cannot shake a renewed downtrend in Russia's interior and FOB prices.
Chicago-based research company AgResource suggests neutral price trends stay intact through late autumn, but fears a slow building of stocks in winter and spring amid lackluster export.
Strength in meal and oil this week has rallied futures-based soybean crush margins to 3.25 dollars per bushel, as against 2.50 dollars a week ago and 1.70 dollars a year ago in late October.
Positive meal and oil basis in U.S. Midwest places physical cash crush margins at more than 5.00 dollars per bushel.
Wheat continues to reel from Russia's aggressive sale to Türkiye over the weekend, with Russian FOB wheat for November-December quoted at 310-315 dollars per metric ton, as against 315-320 dollars last week and a recent peak of 335 dollars in early October. Until there are signs that Black Sea grain flows are disrupted by an elimination of the corridor deal or new sanctions, cheap and abundant Russian wheat will weigh on the marketplace. Russian wheat exports last week were a full million tons, the largest of the season to date.
Export demand remains a concern as the U.S. Department of Agriculture daily reporting system was again void of new sales.