File photo: Xinhua
Chicago Board of Trade (CBOT) agricultural futures settled higher for the trading week which ended on Sept. 27, with soybeans rising on fresh Chinese purchase of US agricultural products.
The most active corn contract for December delivery was up 0.75 cent, or 0.2 percent week on week, to close at 3.715 dollars per bushel on Friday. November soybeans were up 0.25 cent, or 0.03 percent, to settle at 8.83 dollars per bushel. December wheat was up 3 cents, or 0.62 percent, to close at 4.8725 dollars per bushel.
CBOT agricultural futures closed mixed on Monday, with soybean futures rising over 1 percent on optimism over US-China trade talks.
China and the United States held vice ministerial-level trade talks in Washington between Sept. 19 and 20, and conducted constructive discussions on economic and trade issues of mutual concern.
The two sides also carefully discussed the specific arrangement for the 13th round of China-US high-level economic and trade consultations scheduled for October in Washington. The two sides agreed to continue to maintain communication on related issues.
Rising concerns that rains in the US Midwest could lower crop quality just ahead of harvest also supported the crop market, traders said.
Corn futures edged higher on technical buying and worries about wet conditions in portions of the US Midwest.
CBOT agricultural futures closed mixed on Tuesday, with wheat futures falling for four consecutive sessions on technical selling and ample global supplies.
The US Department of Agriculture (USDA) late Monday reported the U.S. spring wheat crop was 87 percent harvested, up from 76 percent a week earlier but behind the five-year average of 97 percent.
The USDA said the US winter wheat crop was 22 percent seeded, up from 8 percent the previous week but behind the five-year average of 24 percent.
Corn futures were slightly higher on technical buying but better-than-expected crop conditions kept the gains in check.
The USDA rated 57 percent of the corn crop in good to excellent condition, up from 55 percent last week and above an average of trade expectations.
Soybeans rose on renewed optimism about Chinese demand for US supplies of the oilseed.
The USDA rated 54 percent of the US soybean crop as good to excellent, unchanged from the week before and in line with expectations.
CBOT agricultural futures closed lower on Wednesday, with soybean futures falling on investors’ technical selling.
Soybean futures faced pressure as investors turned to technical selling on concerns about development of US-China trade talks.
But private exporters on Wednesday reported to the USDA export sales of 581,000 metric tons of soybeans for delivery to China during the 2019/2020 marketing year.
Corn futures went down slightly as the market awaited a clearer picture of harvest yields. Investors instead turned their attention toward grain stocks data set to be published next Monday by the USDA.
Wheat futures retreated on investors’ technical selling and strong competition for global export business.
CBOT agricultural futures traded mixed on Thursday, with soybean futures falling slightly despite traders are awaiting more Chinese purchases of US soybeans.
Chinese firms have recently inquired with US suppliers and purchased US agricultural products, a spokesperson of Chinese Ministry of Commerce (MOC) said on Thursday.
These firms have purchased a considerable amount of soybeans and pork, and the Customs Tariff Commission of the State Council will exclude the purchases from the additional tariffs.
“China has great market demand for high-quality US farm products and has high complementarity with the United States in the field of agriculture,” MOC spokesperson Gao Feng said, expecting the two sides to make joint efforts and take concrete actions to create favorable conditions for bilateral cooperation.
Corn futures went down on disappointing weekly export data.
The USDA on Thursday reported export sales of US corn in the week to Sept. 19 at 494,000 metric tons, below a range of trade expectations for 600,000 to 1.1 million metric tons.
Wheat futures ended higher after a five-session slide, buoyed by short covering and concerns about wet conditions damaging US spring wheat crops.
CBOT agricultural futures settled mixed on Friday, with wheat futures rising on adverse weather.
Wheat futures closed higher as adverse weather continues in parts of the US Plains where growers are attempting to harvest the last of the spring crop.
Private traders on Friday reported to the US Department of Agriculture sales of 126,000 metric tons of soybeans to China for delivery in the 2019/2020 marketing year.
Corn futures went down in rangebound trade as brokers adjusted positions ahead of Monday’s governmental quarterly crop stocks report.