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Chicago soybeans, wheat higher on fund buying

Xinhua, April 24, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Thursday with corn falling, wheat and soybeans rising on modest fund buying as upbeat U.S. weekly export sales of wheat and a handful of road blockades in Brazil threatened the soybeans delivery.

The most active corn contract for July delivery lost 2.75 cents, or 0.72 percent, to close at 3.7675 U.S. dollars per bushel. Wheat for July delivery added 2.25 cents, or 0.45 percent, to close at 5. 0125 dollars per bushel. July soybeans gained 8.25 cents, or 0.85 percent, to close at 9.80 dollars per bushel.

The U.S. Department of Agriculture (USDA) said Thursday in its weekly export report that for the week ending April 16, U.S witnessed net sales of 397,500 metric tons (MT) of wheat for delivery in the 2014/2015 marketing year, up noticeably from the previous week and the prior 4-week average. Corn export sales were 867,900 MT, up 48 percent from the previous week and 68 percent from the prior 4-week average, while soybeans sales were at 102, 100 MT, down 67 percent and 29 percent respectively.

Soybean prices snapped its two-day consecutive loss on Thursday as speculators are covering short positions and watching if the strike in Brazil catches on or falters in the coming days, despite the sharp decline in U.S. soybeans exports.

"We can find just 13 blockades, vs. more than 100 at the peak of protest in late February, and a third of which are in Mato Grosso where the soy harvest is complete. Port activity is normal, " said analysts at AgResource company, a Chicago-based agricultural research institute, "Brazilian road blockades will be watched closely into early next week, but current port stocks are adequate. Our lean is towards this protest effort losing steam over time."

Additionally, the weak dollar also supported CBOT agricultural commodities on Thursday. The greenback weakened 1.1 percent against the euro, hovering near a two-week low, increasing the appeal of dollar-denominated commodities.

Corn extended its decline for a fourth straight day on Thursday, amid indications of rapid planting progress in the U.S. Midwest last week. Endite