Off the wire
• Armed group enters Burundi from Rwanda, clash with army: official  • Suicide rate increases among U.S. Army: DOD  • Chinese artists perform in famous Slovak spa city  • 1st LD Writethru: U.S. dollar falls against euro on Greek outlook  • Urgent: U.S. stocks surge as overseas worries ease  • Thousands of chickens to be killed after bird flu alert in northern England  • U.S. designates Tunisia as major non-NATO ally  • Greater investment needed for sustainable hunger eradication by 2030: UN  • Nigeria not planning to ban flight from Liberia over Ebola threat  • Nearly one in 9 Ukrainians in need of aid: UN  
You are here: 　 Home

Chicago corn extend rally to one-year high, soybeans soar, wheat lower

Xinhua, July 11, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn soared to a one-year high, with soybeans climbing too, after an official report lowered supplies on Friday, while wheat settled lower.

The most active corn contract for September delivery added 6 cents, or 1.4 percent, to close at 4.3475 U.S. dollars per bushel. September wheat delivery fell 2 cents, or 0.35 percent, to close at 5.76 dollars per bushel. November soybeans gained 6.5 cents, or 0.64 percent, to close at 10.2225 dollars per bushel. The United States Department of Agriculture (USDA) said Friday in its World Agricultural Supply and Demand Estimates Report that corn production for 2015/16 market year is projected down 100 million bushels. Analysts said that this downgrade exceeded the investors had expected, helping to lift the corn to a one-year high.

The USDA also said that corn beginning stocks for 2015/16 are down 97 million bushels, while corn ending stocks for 2015/16 are projected 172 million bushels lower.

Soybeans also found support from the USDA's report. For soybeans, the USDA said that soybean production is projected at 3, 885 million bushels, up 35 million due to increased harvested area. However, soybean supplies are reduced 40 million despite increased production.

What's more, soybean ending stocks are projected at 425 million bushels, down 50 million, while U.S. soybean crush for 2014/15 is raised 15 million bushels to 1,830 million on increased domestic soybean meal use. However, wheat retreated after the report boosted its supplies, which said that projected U.S. wheat supplies for 2015/16 are raised 58 million bushels. Endite