CHICAGO, Nov. 19 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and soybean slipping and wheat rising.
The most active corn contract for December delivery fell 2.25 cents, or 0.39 percent, to settle at 5.7075 U.S. dollars per bushel. March wheat rose 3.5 cents, or 0.42 percent, to settle at 8.3425 dollars per bushel. January soybean lost 2 cents, or 0.16 percent, to settle at 12.6325 dollars per bushel.
Wheat futures rallied on forecast for additional soaking rains for Eastern Australia. The tone of CBOT remains bullish, Chicago-based research company AgResource noted, as grain breaks can uncover support from managed money and institutional investors that want to add stuff to their portfolios. It is investor flows that will support a rally in grain values into the holidays.
The volume of CBOT trade is modest as traders will be taking off for the U.S. Thanksgiving Day holiday next week.
The prospect that U.S. Environmental Protection Agency (EPA) will announce 2020, 2021 and 2022 biofuel mandates no later than Nov. 30 has sparked selling in soyoil futures. AgResource expects EPA to raise the 2022 biofuel mandates which will be longer term bullish to U.S. soyoil demand.
European traders indicate that China booked 200,000-250,000 metric tons of French feed wheat in the past 36 hours. Last week, China booked 700,000-900,000 metric tons of Ukraine corn with total Ukraine 2021-2022 purchases estimated at 7-10 million metric tons.
Moderate to heavy rainfall will persist across Northern Brazil into Nov. 29. Brazilian farmers prefer more sunshine and drier weather conditions to slow emerging disease pressure on soybeans. Enditem
