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Chicago soybeans, wheat higher, corn down on ideal weather

Xinhua, April 21, 2015 Adjust font size:

Chicago Board of Trade agricultural commodities closed mixed on Monday with wheat and soybeans futures rising, and corn snapping its four-session rally.

The most active corn contract for May delivery lost 1.75 cents, or 0.46 percent, to close at 3.78 U.S. dollars per bushel. July wheat delivery added 9 cents, or 1.84 percent, to close at 4.9825 dollars per bushel. July soybeans gained 8 cents, or 0.82 percent, to close at 9.795 dollars per bushel.

Soybeans rose for a fifth straight session on Monday amid news of a potential Brazilian independent truckers strike planned later this week, raising concerns of another disruption of Brazilian soybeans delivery.

However, AgResource company, a Chicago-based agricultural research institute, said "Don't bet on much of a Brazilian trucker 's strike as new legislation was enacted and agreed to be the industry which means that unionized truckers will not participate. Our research argues that this week's high will be scored no later than Tuesday with favorable weather pressuring prices into May."

The weather forecasts on Monday indicated much higher temperatures are slated for the next week. The combination of warm weather and limited rainfalls should accelerate corn and soybeans planting, dragging down corn futures.

Meanwhile, wheat rebounded after falling by more than 6.6 percent last week, as they are under a technical oversold condition.

The U.S. weekly export inspections released by U.S. Department of Agriculture on Monday showed that soybean inspections through the week ending April 16 totaled 147,939 metric tons, down 67 percent from the prior week; corn shipments were 1,068,197 tons, up 24 percent from the previous week; wheat exports reached 564, 502 tons, up almost 20 percent from the previous week. Endite