U.S. Agricultural Futures Close Mixed

Fahad Shabbir (@FahadShabbir) Published March 23, 2024 | 01:30 PM

CHICAGO, (APP - UrduPoint / Pakistan Point News - 23rd Mar, 2024) Chicago board of Trade (CBOT) agricultural futures closed mixed on Saturday, with corn and soybean falling and wheat rising.

The most active corn contract for May delivery fell 1.5 cents, or 0.34 percent, to settle at 4.3925 U.S. Dollars per bushel. May wheat rose 8 cents, or 1.46 percent, to settle at 5.5475 dollars per bushel. May soybean lost 19.5 cents, or 1.61 percent, to settle at 11.925 dollars per bushel.

Wheat recovered on soaring European market.

It appears that wheat is trying to forge a seasonal low. Chicago-based research company AgResource holds that market choppiness will continue into U.S. Department of Agriculture (USDA) stocks and seedings data due on Thursday.

USDA announced that 263,000 metric tons of U.S. corn was sold to Mexico. Mexico is the largest U.S. corn importer and has secured more than 18 million metric tons of U.S. corn to date. Mexico is forecast to import 20.6 million metric tons of U.S. corn in the 2023-2024 crop year.