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Chicago wheat, soybean futures end lower on stronger U.S. dollar; corn rallies

Xinhua, July 16, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed Wednesday, with wheat, soybeans kept falling amid a stronger U.S. dollar and improving weather forecast in the Midwest, while corn bouncing back from its sharp decline a day earlier.

The most active corn contract for December delivery added 1.5 cents, or 0.34 percent, to close at 4.4025 U.S. dollars per bushel. September wheat delivery lost 4.25 cents, or 0.74 percent, to close at 5.6675 dollars per bushel. November soybeans dropped 9 cents, or 0.88 percent, to close at 10.16 dollars per bushel.

A higher U.S. dollar weighed on prices for the U.S. agricultural commodities. The dollar once rose 0.6 percent against a basket of currencies Wednesday, which typically makes U.S. exports less attractive to foreign buyers.

Wheat prices slid for a fourth straight session due to the advancing U.S. harvest, which governmental data earlier in the week showed was about 65 percent complete as of Sunday. With the winter wheat harvest also underway in Europe, new supplies are filling world pipelines, pressuring prices, analysts said.

The midday weather forecast looks improved for the wettest areas of the Midwest, according to the Global Forecast System of the U.S. National Weather Serice

The weekly ethanol production report released by the U.S. Energy Information Administration on Wednesday showed a slight drop in production, which was seen as neutral to corn futures. U.S. ethanol production through the week ending July 10 was down 0.3 percent from the prior week to 984,000 barrels per day, with an estimated 101 million bushels of corn used, roughly in line with the pace needed to meet the U.S. Department of Agriculture's forecast. Endite