CHICAGO, April 11 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Monday, with corn and soybean falling and wheat rising.
The most active corn contract for July delivery fell 2 cents, or 0.26 percent, to settle at 7.5875 U.S. dollars per bushel. July wheat rose 30.75 cents, or 2.91 percent, to settle at 10.89 dollars per bushel. May soybean shed 33.75 cents, or 2 percent, to settle at 16.5525 dollars per bushel.
Soybeans sagged on profit taking and the fear that COVID is slowing Chinese import demand.
La Nina is strengthening again which raises the Plains and West Midwest drought risks. Chicago-based research company AgResource maintains a bullish bias with wheat being the upside leader. May or July corn should test resistance at 8.00-8.50 dollars while July soybeans hold support at 16.30 dollars on tightening stocks.
The U.S. Department of Agriculture announced that another 1.02 million metric tons of U.S. corn were sold to China. China has secured an estimated 15 million metric tons of U.S. corn for 2021-2022 crop year.
U.S. weekly export inspection for the week ending April 7 was 55.8 million bushels of corn, 28.1 million bushels of soybeans and 15.1 million bushels of wheat. For respective crop year to date, the United States has shipped out 647.7 million bushels of wheat, down 18 percent year on year; 1,260 million bushels of corn, down 15 percent; and 1,651 million bushels of soybeans, down 18 percent. The U.S. weekly corn and soybean export pace will increasingly pick up due to the Black Sea supply loss. U.S. soybean exports will be exceptionally robust during July and August.
The CBOT will be closed on Friday for Good Friday.
There is heavy snow across North Dakota. The snow will be the heaviest in several years and come at the wrong time to advance spring planting. Otherwise the U.S. Plains are dry while the Delta endures flooding rain. The Midwest has a cool to cold temperature bias which slows seeding and germination.