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Chicago corn, wheat down on crop progress report, soybean rebounds

Xinhua, May 28, 2015 Adjust font size:

Chicago Board of Trade (CBOT) wheat and corn fell Wednesday as an official report showed good crop ratings, while soybean rebounded after falling for five consecutive sessions as Argentina's laborer strike limited the export of soybean from Argentina.

The most active corn contract for July delivery dipped 5.5 cents, or 1.55 percent, to close at 3.495 U.S. dollars per bushel. Wheat for July delivery fell 5.75 cents, or 1.17 percent, to close at 4.8775 dollars per bushel. July soybean added 4.5 cents, or 0. 49 percent, to close at 9.27 dollars per bushel.

The U.S. wheat futures dipped for the third straight session Wednesday to a two-week low from May 14, corn also fell for the third consecutive session, hitting seven-month low since Oct. 20 last year.

The U.S. Department of Agriculture said later Tuesday in its weekly Crop Progress Report that in the week ending May 24 in the selected 18 States, 92 percent of the corn was planted, up from 85 percent in the previous week, also up from 88 percent of 2010-2014 average, corn emergence rose to 74 percent from 56 percent a week earlier, also up from the 2010-2014 average of 62 percent.

According to the same report, 77 percent of the U.S. winter wheat headed as of May 24, comparing to the 68 percent of the preceding week and 67 percent of 2010-2014 average; while 96 percent of the spring wheat crop was planted, up from 94 percent in the previous week and 70 percent in the same week a year earlier, also up from 79 percent of 2010-2014 average. Analysts said this report showed that wheat conditions held up last week despite heavy rainfall, which was expected to potentially damage the maturing winter-wheat crop.

While for the soybean, some analysts also said that technical buying helped it rebound Wednesday after the soybean fell for five consecutive trading days since May 19.

CBOT floor brokers reported that funds have sold 5,000 contracts of corn and 6,000 contracts of wheat, while buying 2,500 contracts of soybeans before midday, according to Agresource, a Chicago-based Institute. Endite