China.Org (05/08/2021) - CHICAGO, Aug. 5 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Thursday, with corn and soybean rising and wheat falling.

The most active corn contract for December delivery rose 6.25 cents, or 1.14 percent, to settle at 5.53 dollars per bushel. September wheat dropped 4.5 cents, or 0.63 percent, to settle at 7.1275 dollars per bushel. November soybean climbed 2.75 cents, or 0.21 percent, to settle at 13.285 dollars per bushel.

CBOT futures were stronger, as macro trends have reversed and new crop U.S. corn and soybean export demand begins to appear, Chicago-based research company AgResource noted.

Old crop U.S. export sales were virtually nonexistent in corn and soybeans and near expectations in wheat. Through the last week, U.S. exporters sold a net 2.7 million bushels of corn and just 0.4 million bushels of soybeans for 2020-2021 delivery. U.S. wheat sales totaled 11 million bushels.

New crop corn sales were 33 million bushels, as against 21 million bushels in the previous week; new crop U.S. soybean sales totaled 16 million bushels, as against 11 million bushels in the previous week. U.S. Department of Agriculture (USDA) confirmed a sale of 300,000 tons of U.S. soybean to unknown destinations, rumored to be China.

Ignoring old crop outstanding sales, for respective year to date, U.S. exporters have sold a record 688 million bushels of corn abroad, as against 452 million bushels in the same period of last year; and 390 million bushels of new crop soybeans, down from 660 million bushels a year ago in early August.

There's strong talk that Brazil is seeking modest tonnages from the United States for near-term shipment. That the second largest corn exporter needs imports to bridge its current supply gap is noteworthy. Argentine logistics issues will only worsen in the weeks ahead amid labor strife and as river levels will continue to shrink until seasonal rains return in early fall.

There's some optimism surrounding winter and spring U.S. wheat export demand as export production estimates slide further. Combined Russian, Canadian and Kazakh wheat exports in 2021-2022 will be no larger than 63 million tons, as against 74 million tons last year.

Weather forecast shows it will be drier in Western Iowa and across the Eastern Midwest into Aug. 15. While soaking rainfall is offered to eastern Iowa, Wisconsin, Illinois, Indiana and Michigan from Sunday to Wednesday, little or no precipitation will occur across the Plains, and extreme heat will return to the Plains and Canada beginning Aug. 14.

Wheat's upside vigor has paused as markets worldwide correct from overbought levels. Wheat breaks will simply be corrective in nature. AgResource maintains that weakness in corn and soybean is a buy as record yields are unlikely and moving forward, the trade must contend with the return of U.S. export demand. Enditem

Read more at http://www.china.org.cn/world/Off_the_Wire/2021-08/06/content_77676463.htm