CHICAGO, June 7 (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 July delivery rose 14.5 cents, or 1.95 percent, to settle at 7.57 U.S. dollars per bushel. July wheat fell 21.25 cents, or 1.94 percent, to settle at 10.7175 dollars per bushel. July soybean gained 29 cents, or 1.71 percent, to settle at 17.2825 dollars per bushel.
Wheat went down on profit taking in CBOT, Kansas wheat and European wheat futures amid headlines still hopeful for the creation of an export corridor in Ukraine. Yet, Ukraine's deputy administrator of agrarian policy stated that combined grain exports in 2022-2023 would be no larger than 2 million metric tons a month if Russia's blockade remains in place. Ukraine has not been invited to participate in Wednesday's meeting in Istanbul, Turkey.
A close above 7.70 dollars for July contract will allow bullish momentum to return to CBOT corn. The tolerance for weather adversity in this season is zero. Chicago-based research company AgResource stays bullish in outlook of agricultural futures.
Official U.S. corn exports in April totaled 275 million bushels, as against Federal Grain Inspection Service's (FGIS) shipments of 241 million bushels. Cumulative September-April Census corn exports are 290 million bushels above what has been reported by FGIS.
Census soybean exports in April totaled 134 million bushels, 13 percent above FGIS and 84 million bushels above last year.
Official U.S. wheat exports in April were 66 million bushels and cumulative June-April exports rest at 753 million bushels.
Cash markets worldwide continue to reflect the rising burden being placed upon exports in the United States, Europe and South America to meet global food consumption needs. It remains that Argentine corn is not reliably offered into the world marketplace beyond September. EU cash wheat has been unwavering at 430-440 dollars per metric ton.
Mild/wet conditions will persist across the Plains and Midwest into the coming weekend. An abrupt shift to warm/hot temperatures and near-complete dryness unfolds thereafter as strong high pressure Ridging expands aloft the Southern Plains, Delta and Midwest.