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Chicago soybeans, wheat lower on downbeat U.S. exports; corn little changed

Xinhua, July 17, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Thursday with soybeans, wheat futures falling as investors were disappointed by U.S. export sales, while corn little changed.

The most active corn contract for December delivery added 0.75 cents, or 0.17 percent, to close at 4.41 U.S. dollars per bushel. September wheat delivery lost 4.5 cents, or 0.79 percent, to close at 5.6225 dollars per bushel. November soybeans dropped 5 cents, or 0.49 percent, to close at 10.11 dollars per bushel.

The U.S. Department of Agriculture (USDA) said Thursday in its weekly export report that for the week ending July 9, the U.S witnessed net sales of 291,500 metric tons (MT) for delivery in marketing year 2015/2016, down 16 percent from the previous week. Corn net sales were 331,100 MT for delivery in 2014/2015,a marketing-year low, down 38 percent from the previous week and 41 percent from the prior 4-week average. whereas soybeans sales were at 45,500 MT, up 10 percent from 102,100 MT of the previous week, but down 36 percent from the prior 4-week average.

Analysts noted all combined, U.S. corn, soybean and wheat sales, were just about half of where they should be at this time of year with soybean sales being off some 50 percent from the same week last year.

December corn gained some support from U.S. warm weather fear on Thursday. The extreme heat was suggested by the Global Forecast System model.

Seasonal outlook for August suggests cooler than normal temps across the Central Plains and Western Midwest and above normal rainfall across the Plains and Southern Midwest. El Nino is still strengthening, according to the National Oceanic and Atmospheric Administration (NOAA) Endite