CBOT agricultural futures settle mixed on technical selling, hot weather

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CHICAGO, July 24 (Xinhua) — Chicago Board of Trade (CBOT) agricultural futures settled mixed on Wednesday, with corn futures falling on traders’ technical selling.

The most active corn contract for December delivery was down 0.75 cent, or 0.17 percent to 4.3075 U.S. dollars per bushel. September wheat was up 10.5 cents, or 2.15 percent to 4.9775 dollars per bushel. November soybeans were up 4.5 cents, or 0.5 percent to 9.0825 dollars per bushel.

Corn futures rallied early in the day on short covering, as the market weighed whether further hot weather in the U.S. Midwest could affect crop yields this fall, traders said.

However, technical selling dominated the market as professional agriculture organization on Wednesday found quality of U.S. corn changeable in central North Dakota.

Soybean futures rose on technical buying and concerns about heat and building dryness in the U.S. Midwest crop belt.

In its latest Crop Progress Report, the U.S. Department of Agriculture (USDA) said 57 percent of the corn crop was rated good or excellent, which is down from 58 percent the previous week and 72 percent at this time last year.

Some 54 percent of soybeans earned top ratings this week, unchanged from the previous week but down from 70 percent during the same week in 2018, according to the government.

In wheat, 76 percent of the spring crop was rated good or excellent as of Sunday, unchanged from the previous week and just below the 79 percent that earned top ratings last year.

Winter wheat was 69 percent harvested, up from 57 percent a week earlier but down from the average for this time of year of 79 percent, the USDA said. Enditem

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