CHICAGO, May 10 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn and soybean rising and wheat unchanged.
The most active corn contract for July delivery rose 3.25 cents, or 0.42 percent, to settle at 7.7525 U.S. dollars per bushel. July wheat remained unchanged to settle at 10.9275 dollars per bushel. July soybean gained 7 cents, or 0.44 percent, to settle at 15.9225 dollars per bushel.
U.S. corn seeding will struggle to surpass 42 percent by Sunday with soybean seeding at 27-28 percent, leaving more than half of the crop to be planted after the middle of May. Farmers in Northern Plains won't get back in the fields until May 18-20. 2022 will be a late seeded year with an acreage/yield drag. Chicago-based research company AgResource holds that there is no room for error.
A record cash diesel price along with strong cash demand for biodiesel/renewable diesel is rallying vegoil prices. Supplies are tight and demand looks to grow with warming temperatures.
AgResource learnt that China is back asking for U.S. Gulf old/new crop soybean offers and U.S. new crop corn offers from the Pacific Northwest. The world will need an additional 14-16 million metric tons of corn due to soaring prices and a lack of feed wheat availability.
2022-2023 world wheat demand estimates seem to rise daily to levels that are becoming unfillable in a world that lacks Ukraine wheat exports in bulk. It is reported Tuesday that Iran will need to import 7 million metric tons of wheat to fill its milling needs from June through March. Export sources say that the same drought impacted Iraq and its wheat import needs will be 5-6 million metric tons. If Pakistan and India turn into net wheat importers, the demand is becoming daunting with North African wheat imports likely to reach 39-40 million metric tons.
A 5-6 day period of warm and dry weather will allow for Midwest spring seeding to push ahead. Most Midwest farmers will restart planting either Wednesday or Thursday, so U.S. corn seeding will not surpass 45 percent until after May 15. Weather forecast has narrowed the window to plant before rain returns to Missouri and Southern Illinois. The Northern Plains will hold in a wet flow.