US agricultural futures close mixed
Xinhua
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CHICAGO, Feb. 9 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn and wheat dropping and soybean rising.

The most active corn contract for March delivery fell 7.5 cents, or 1.33 percent, to settle at 5.5625 U.S. dollars per bushel. March wheat lost 6.25 cents, or 0.95 percent, to settle at 6.495 dollars per bushel. March soybean rose 14 cents, or 1.01 percent, to close at 14.0175 dollars per bushel.

U.S. Department of Agriculture (USDA) failed to make any big changes in its February World Agricultural Supply and Demand Estimates (WASDE) report, which produced a negative reaction in the CBOT agricultural futures. Chicago-based research company AgResource sees February WASDE as slightly bearish and holds that moderate correction lies ahead.

The report estimated 2020-2021 U.S. corn end stocks at 1,502 million bushel, a 50-million-bushel reduction from January. No other changes were made to the balance sheet with the average U.S. farmgate corn price raised by 10 cents to 4.30 dollars per bushel.

The USDA left the Brazilian corn crop estimate at 109 million metric tons and Argentina at 47.50 million metric tons. China's corn imports were raised to 24 million metric tons, up 6.50 million metric tons, as its feed use rose 6 million metric tons to 206.0 million metric tons. China's 2020-2021 corn end stocks were forecast at 196.2 million metric tons, up 4.5 million metric tons from January.

The report lowered U.S. 2020-2021 soybean end stocks by 20 million bushels to 120 million bushels, but raised U.S. soybean exports to 2,250 million bushels, an increase of 20 million bushels. The rest of the balance sheet was left unchanged with the average U.S. farmgate soybean price holding steady with January at 11.15 dollars.

USDA left its estimates of 2021 Brazilian soybean crop unchanged at 133.0 million metric tons and that of Argentina at 48.0 million metric tons. China's 2020-2021 soybean import estimate was left at 100 million metric tons. To date, China has loaded 20 percent more soybeans through January than last year. USDA forecast that China's 2020-2021 soybean imports went up 1.5 percent.

The report forecast 2020-2021 U.S. wheat end stocks at 836 million bushels, unchanged from January.

World wheat end stocks fell 9 million metric tons to 304.2 million metric tons as China's domestic feed use estimate was raised by 5 million metric tons to a record 140 million metric tons. Russian 2020-2021 wheat exports were left unchanged at 39 million metric tons.

With China heading to Lunar New Year holiday and Brazilian FOB soybean offers cheaper than in the Gulf from late February through July, the demand-led bull market phase has ended, AgResource said. Supply losses in South America are the new driving mantra of the bulls.