US agricultural futures close mixed
Chicago Board of Trade (CBOT) agricultural futures closed mixed, with corn and wheat falling and soybean rising.
The most active corn contract for March delivery fell 3.25 cents, or 0.48 percent, to settle at 6.795 U.S. dollars per bushel. March wheat lost 11.5 cents, or 1.46 percent, to settle at 7.74 dollars per bushel. March soybean rose 2 cents, or 0.13 percent, to settle at 15.1625 dollars per bushel.
Soybean added Argentine weather premium, wheat fell on the recent acceleration in Russian exports, and corn traded slightly lower on bearish weekly ethanol data. Trade volume is low, and the most important in the opening days of 2023 will be Argentine weather and Chinese demand.
Bullish fuel at 6.80 dollars for corn and 15.00 dollars for soybean hinges on Argentine drought being extended into the second half of January. Chicago-based research company AgResource advises catchup sales on rallies.
European stocks rose Wednesday, as London played catchup with Frankfurt and Paris after a long Christmas break.
The British market fizzed one percent higher, compared with the closing level.
In the eurozone, Paris won 0.2 percent and Frankfurt added 0.1 percent to extend solid gains on Tuesday.
"UK markets have reopened higher, playing catch up," said Victoria Scholar, investment head at Interactive Investor.
AvaTrade analyst Naeem Aslam cautioned however that "trading volume continues to remain on the low side" with many investors away for an extended holiday.
Oil prices fell one day after China's moves to reopen had sparked hopes for renewed demand from the world's biggest importer of crude, while traders remain on edge over Russian supplies.
Elsewhere, Asian markets mostly fell Wednesday after a mixed Wall Street session, as China's move to reopen also revived inflation worries.
China has abruptly reversed tight pandemic curbs that kept the world's second-largest economy isolated for three years.
On Monday, Beijing announced was ending quarantine measures for overseas arrivals from January 8, the latest move to loosen its zeroCovid regime, after it dropped mandatory testing and lockdowns earlier this month.
China's scrapping of curbs has spurred hopes for its economic revival.
"The good news is that inflation subsides as China reprises its role as a supplier of low-cost goods globally and supply chain bottlenecks ease," said analyst Stephen Innes of SPI Asset Management.
However, he also warned that China's accelerating demand would push up prices for commodities, in turn further fuelling global inflation.
Meanwhile, Hong Kong stocks jumped as investors digested the Covid news from Beijing on the first trading day after the Christmas break.
Hong Kong chief executive John Lee also announced a further easing of the city's remaining Covid measures.
Oil traders remain on tenterhooks after Moscow on Tuesday banned exports to countries complying with a price cap on its crude, briefly lifting the market.
The price ceiling of $60 per barrel agreed by the European Union, G7 and Australia came into force in early December and seeks to restrict revenues for Russia, amid its ongoing war on Ukraine.
"The ban of exports for nations adhering to Russian price caps adds fuel to the anxieties around supply," said Hargreaves Lansdown analyst Sophie Lund-Yates.
"This comes at the same time as China plans to reopen, which means oil demand is set to surge.
"While supply and demand dynamics continue to compete in this way, the oil price will remain elevated."