U.S. Agricultural Futures Close Mixed

CHICAGO, (UrduPoint / Pakistan Point News - 18th May, 2022 ) --:Chicago board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn dropping and wheat and soybean rising.

The most active corn contract for July delivery fell 8.75 cents, or 1.08 percent, to settle at 8.0075 U.S. Dollars per bushel. July wheat soared 30 cents, or 2.4 percent, to settle at 12.775 dollars per bushel. July soybean rose 21.5 cents, or 1.3 percent, to settle at 16.78 dollars per bushel.

Wheat surged to newer highs on global weather threats while corn struggled amid improved Midwest planting weather and lack of new export news.

Chicago-based research company AgResource strongly doubts an intermediate top will be scored unless favorable Midwest summer weather can be confirmed in the next 30-45 days.

Weather continues to threaten Northern Hemisphere wheat production. There is not much precipitation offered to the U.S. Southern and Western Plains into the opening days of June. Nor is there any sign that abnormal heat will abate for any lasting period.