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Chicago agricultural commodities close mixed

Xinhua, March 17, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Friday with wheat rising, while corn and soybeans falling slightly.

The most active corn contract for May delivery lost 1.50 cents, or 0.39 percent, to close at 3.79 U.S. dollars per bushel. Wheat for May delivery added 12.00 cents, or 2.39 percent, to close at 5. 14 dollars per bushel. May soybeans dropped 4.75 cents, or 0.49 percent, to close at 9.6925 dollars per bushel.

Analysts said that U.S. wheat futures rose on Monday because of market concerns about dry conditions in the U.S. Plains, the dry weather may hinder growth of winter wheat because wheat are emerging from dormancy as it turns warmer.

The wheat futures rose for the sixth time in seven sessions, analysts noted.

The dryness in the Plains is being closely monitored by traders. The climate folks are not holding much optimism for a soaking Plains rain anytime soon. This could foster a round of acute fund short covering in U.S. wheat futures into April, the Chicago-based company Agresource said in its daily newsletter.

Corn futures got pressure from lower-than-expected U.S. export inspections data. The U.S. Department of Agriculture said on Monday that weekly export inspections of corn, ending March 12 in 2014/2015 Marketing year, were 735,311 tonnes, down from 1.18 million tonnes a week ago and also below the low end of trade forecasts.

Analysts said that the ongoing South American bean harvest is exerting persistent downward pressure upon U.S. soybean futures. Endite