U.S. agricultural futures close mixed

Source: Xinhua| 2020-11-25 05:28:17|Editor: huaxia

CHICAGO, Nov. 24 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn and soybean slipping and wheat rising.

The most active corn contract for March delivery fell 0.75 cent, or 0.17 percent, to settle at 4.325 dollars per bushel. March wheat gained 13 cents, or 2.15 percent, to settle at 6.175 dollars per bushel. January soybean lost 0.25 cents, or 0.02 percent, to close at 11.9125 dollars per bushel.

Spreading has been the driver of CBOT volume on Tuesday. Traders are actively buying wheat and selling corn and soybeans, Chicago-based research company AgResource noted. Corn and soybean fundamental stories are still strong, it's just that traders want to bank their gains ahead of Thanksgiving.

The liquidation of December futures ahead of 1st notice day on Monday, Nov. 30, and the U.S. Thanksgiving Day holiday combined to produce the Tuesday turnaround, said AgResource.

Rumor has it that China has switched cargoes of February U.S. soybean to Brazil.

U.S. Department of Agriculture (USDA) weekly export sales report will be released Friday due to the U.S. Thanksgiving Day Holiday.

Weather forecast shows limited rain for Mato Grosso, Goias, Mato Grosso Do Sul and even Parana over the next 10 days. Argentine rain is forecast to fall in key crop areas on Thursday with showers lingering into the weekend.

CBOT spreads and flat prices are recovering from the overnight break as speculative selling slows amid concerning South American weather forecasts that may last for 10 days, AgResource noted. Enditem