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Chicago soybean rallies for third session; wheat, corn retreat

Xinhua, June 19, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities futures closed mixed Thursday, with soybeans rising for their third straight session, and wheat and corn both posting lower, as traders continued to debate what recent rainy weather will mean for U.S. crop planted acres and yield.

The most active corn contract for July delivery lost 1.25 cents, or 0.35 percent, to close at 3.58 U.S. dollars per bushel. September wheat delivery shed 3.75 cents, or 0.75 percent, to close at 4.9325 dollars per bushel. July soybeans added 8.75 cents, or 0.9 percent, to close at 9.7775 dollars per bushel.

The U.S. Department of Agriculture (USDA) said Thursday in its weekly export report that for the week ending June 11, the country witnessed net sales of 315,700 metric tons of wheat for delivery in the 2015/2016 marketing year, which began June 1.

Corn net sales were 627,200 metric tons for delivery in 2014/ 2015, up 27 percent from the previous week and 3 percent from the prior four-week average, while soybeans sales were 132,900 metric tons for 2014/2015, down 19 percent from the previous week and 26 percent from the prior four-week average, the report said.

AgResource company, a Chicago-based agricultural research institute, wrote in a report that U.S. weekly export sales were not surprising considering that U.S. wheat and soybeans are noncompetitive into October. Brazil will be a huge exporter of corn for the next six months which will be a drag on future U.S. corn sales.

The U.S. Dollar is showing some weakness Thursday, somehow supporting commodities futures, but traders are still thinking this is primarily weather related.

An elongated ridge of high pressure forms from the Southern Plains through the Southeastern U.S. which lifts the jet stream northward and the rain chances next week, according to the Global Forecast System. Endite