CHICAGO, May 19 (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 July delivery rose 1.75 cents, or 0.22 percent, to settle at 7.8325 U.S. dollars per bushel. July wheat fell 30.25 cents, or 2.46 percent, to settle at 12.005 dollars per bushel. July soybean gained 27.75 cents, or 1.67 percent, to settle at 16.905 dollars per bushel.
July soybean went up as better than expected weekly soybean and meal export sales are cited and the U.S. Gulf soybean market maintains a sizable discount to Brazilian origin for mid- or late summer delivery. Chicago-based research company AgResource hears of additional Chinese interest for new crop U.S. soybeans.
Wheat futures at contract highs will be highly sensitive to any modest loosening of supplies in exportable positions. However, wheat importers are poorly covered beyond early summer, and additional downside risk is limited. Soybean stays in a demand-led bull, while weather forecast for Midwest in June will drive daily/weekly corn price direction nearby. AgResource maintains a strategy of using corrections to extend supply coverage into fall.
India on Thursday cut its wheat production estimate to 106.4 million metric tons from previous estimate of 111 million metric tons.
Old crop corn export sales through the week ending May 12 totaled 17 million bushels, as against 8 million bushels in the previous week; new crop wheat sales totaled 12 million bushels, as against 5 million bushels in the previous week; old crop soybean sales were 28 million bushels, as against 5 million bushels in the prior week and the largest since late March.
For this crop year to date, new crop soybean commitments sit at record large 448 million bushels, as against 273 million bushels last year and 20 percent of U.S. Department of Agriculture's (USDA) 2022-2023 soybean export forecast.
The Wheat Quality Council at this week's tour conclusion pegged Kansas wheat yield at 39.7 bushels per acre (BPA), as against USDA's 39 BPA; and production at 261 million bushels, as against USDA's 271 million bushels.
There will be soaking rainfall across the Southern Plains, Delta and Eastern Midwest in the 5-10 day period. USDA planting progress data on Monday will be critical in estimating the amount of acres to be seeded in June.