U.S. Agricultural Futures Close Mixed

CHICAGO, (APP - UrduPoint / Pakistan Point News - 2nd Dec, 2023) Chicago board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and wheat rising and soybean falling.

The most active corn contract for March delivery rose 2 cents, or 0.41 percent, to settle at 4.8475 U.S. Dollars per bushel. March wheat gained 4.75 cents, or 0.79 percent, to settle at 6.0275 dollars per bushel. January soybean fell 17.75 cents, or 1.32 percent, to settle at 13.25 dollars per bushel.

Soybean went lower ahead of the coming improved rain chances for Northern Brazil. Chicago-based research company AgResource stays bullish of soybeans on breaks while sees March corn in a 4.

70 to 5.10 Dollar range. March wheat has resistance above 6.15 dollars. Higher soybean prices hinge upon Brazilian weather during December and early January.

The U.S. Department of Agriculture reported that 132,000 metric tons of U.S. soybeans were sold to China and 198,000 metric tons to an unknown destination. There are reports that Brazil has sold China two to three cargoes for March Friday.

Ongoing dry weather will last for another two or three days before rain fall across Northern Brazil next week.