U.S. corn futures rise with modest gains weekly on slow harvest pace, weather concerns

Chicago Board of Trade (CBOT) agricultural futures settled mixed for the trading week ending Nov. 1, with corn futures rising slightly on slow harvest pace and weather concerns.

The most active corn contract for December delivery was up 2.5 cents, or 0.65 percent week on week, to close at 3.8925 dollars per bushel on Friday. January soybeans were up 2.25 cents, or 0.24 percent, to settle at 9.3675 dollars per bushel. December wheat was down 1.75 cents, or 0.33 percent, to close at 5.16 dollars per bushel.

CBOT agricultural futures settled mixed on Monday, with soybean futures edging higher on trade optimism after big loss in the previous session.

Soybean futures rose on short covering after last session’s 1.32-percent drop, as traders are optimistic about crop export prospects.

Wheat futures dipped on technical selling and generally favorable weather for U.S. winter wheat, along with adequate global supplies and strong global export competition.

Corn futures were lower on technical selling and a lack of supportive news.

CBOT agricultural futures also closed mixed on Tuesday, with corn futures rising on a slower crop harvest pace.

The U.S. Department of Agriculture (USDA) said on Monday that the U.S. corn harvest was 41 percent complete, well behind the five-year average of 61 percent.

Wheat futures weakened on technical selling. Traders await the results of an Egyptian wheat purchase tender.

The USDA said U.S. winter wheat crop was 85 percent planted, up from 77 percent a week earlier and just ahead of the five-year average of 82 percent.

Prices of soybean futures fell as there is lack of fresh news on U.S. soy export.

CBOT agricultural futures closed mixed on Wednesday, with corn futures edging higher on technical buying and weather concerns.

Corn futures crept higher on uncertainty about unfavorable weather threatening the size and quality of delayed autumn harvests.

Traders were watching forecasts as snow and rain are expected in parts of the U.S. corn belt, followed by chilly temperatures. The weather could further delay autumn harvests, after rains and historic flooding stalled plantings in the spring.

Wheat futures weakened for third straight session amid a lack of news.

Soybean futures fell as traders are uncertain about crop export prospect. However, the declines were limited by worries about U.S. harvest delays.

CBOT agricultural futures settled mixed on Thursday, with wheat futures edging lower on traders’ technical selling.

Wheat futures headed lower for a fourth straight session as the market awaits supportive news.

The USDA on Thursday reported export sales of U.S. wheat in the week ending Oct. 24 at 493,700 metric tons, toward the high end of trade insiders’ expectations for 200,000 to 500,000 metric tons.

It also reported export sales of U.S. corn in the week at 549,100 metric tons, in line with trade insiders’ expectations for 300,000 to 800,000 metric tons.

CBOT agricultural futures settled mixed on Friday, with soybean futures rising on fresh export sales to China.

Soybean futures firmed amid news of another Chinese purchase of U.S. oil seeds, and renewed hopes of development on China-U.S. trade talks.

Private exporters on Friday reported to the USDA export sales of 132,000 metric tons of soybeans for delivery to China during the 2019/2020 marketing year.

Wheat futures rebounded as the market consolidates a day after the December contract touched a near three-week low.

Corn futures remained weak as traders are awaiting fresh market news. However, the corn market is underpinned by a slow U.S. harvest pace and a winter storm this week that brought snow to the central U.S. Plains and western U.S. Midwest.
Source: Xinhua

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