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Chicago soybeans, wheat higher, corn little changed

Xinhua, April 29, 2015 Adjust font size:

Chicago Board of Trade agricultural commodities closed mixed on Tuesday with soybeans and wheat futures rising, corn little unchanged.

The most active corn contract for July delivery lost 0.25 cents, or 0.06 percent, to close at 3.645 U.S. dollars per bushel. July wheat delivery added 3 cents, or 0.63 percent, to close at 4.7625 dollars per bushel. July soybeans gained 4.25 cents, or 0.44 percent, to close at 9.7725 dollars per bushel.

Chicago wheat futures bounced back Tuesday from its lowest level for 2015 after losing more than 5.5 percents in the past two days, as world wheat importers are waiting for the export tax in Russia to be officially lifted.

Soybeans rallied for a second session in a row on Tuesday as the U.S. government reported 390,000 metric tons export sales of 2015/16 marketing year soybeans.

"The likely buyer is China who reportedly secured U.S. soybeans following news that the Chinese government would lower the VAT tax by 2 percent after October 1st," according to AgResource company, a Chicago-based agricultural research instituteAgResource also said in a report "much of the rally in soybeans appears to be related to badly placed long corn and short soybean bets."

July corn futures slipped slightly Tuesday for the seventh straight session, to new lows in 2015, as concerns about the bird flu is spreading in the U.S. Midwest and its impact upon feed grain demand also caused sell-off.

It will get warmer and drier for the eastern Midwest and Delta next week with better rain chances for the northwestern Midwest and the Northern Plains, ideal weather for spring planting and for emerging seed. Endite