U.S. agricultural futures close mixed

Wheat rose as China buys more U.S. soft red winter wheat; corn went up with the hope that corn supply will be switched to the United States. China has purchased one million metric tons of U.S. corn in the 2023-2024 crop year. China purchased an additional 200,000 metric tons of U.S. SRW wheat overnight.

CHICAGO, Dec. 5 (Xinhua) — Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn and wheat rising and soybean falling.

The most active corn contract for March delivery rose 5 cents, or 1.03 percent, to settle at 4.905 U.S. dollars per bushel. March wheat soared 10.75 cents, or 1.73 percent, to settle at 6.3125 dollars per bushel. January soybean fell 0.75 cents, or 0.06 percent, to settle at 13.055 dollars per bushel.

Wheat rose as China buys more U.S. soft red winter (SRW) wheat; corn went up with the hope that corn supply will be switched to the United States. China has purchased one million metric tons of U.S. corn in the 2023-2024 crop year.

Brazilian crop estimates are in decline with winter corn in the biggest supply risk due to falling seeded acres. Both U.S. corn and wheat have brightening export demand outlook, while soybean struggles under the weight of another big Brazilian soybean crop. Chicago-based research company AgResource holds that as new renewable diesel plants open, a cash-led soyoil and soybean rally will unfold in 2024.

China purchased an additional 200,000 metric tons of U.S. SRW wheat overnight. AgResource maintains China will take 2 million metric tons of U.S. wheat in the 2023-2024 crop year.

Rumors also went that China on Tuesday morning booked three to four cargoes of U.S. soybeans for January and February.

It is drier for Northern Brazil and wetter for Southern Brazil. Limited rain is forecast for Northern Brazil over the next five days. Southern Brazil will endure soaking rainfall later Tuesday, and a new round of flooding is possible. Enditem