CHICAGO, Sept. 6 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn falling slightly and wheat and soybean rising.
The most active corn contract for December delivery fell 0.25 cents, or 0.05 percent, to settle at 4.8575 U.S. dollars per bushel. December wheat rose 9.75 cents, or 1.63 percent, to settle at 6.09 dollars per bushel. November soybean gained 11.25 cents, or 0.82 percent, to settle at 13.7625 dollars per bushel.
CBOT agricultural futures are generally higher as markets digest plunge in soybean crop rating and on falling world wheat production. Nevertheless, the bullish vigor has been capped by strength in the U.S. dollar and looming U.S. and North Hemisphere harvest. Chicago-based research company AgResource holds that breaks are now buying opportunities as the primary short-term risks are lower than expected U.S. corn, soybean and spring wheat yields.
Excessive rainfall and flooding in Brazil offer a new threat to exportable wheat supplies. Brazil remains a net importer of wheat, but the tonnage of Brazilian exports has been rising in each year since 2020. The U.S. Department of Agriculture (USDA) projects Brazil to export a record 3.5 million metric tons of wheat in crop year 2023-2024.
Scattered and welcomed showers will dot the southern and western Plains from next Monday to Thursday, while arid conditions continue across the Eastern Plains, the Midwest and the Delta. Soil moisture loss will be a feature of mid-September weather across the bulk of the Central U.S.