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Chicago wheat, corn retreat, soybeans extend rally

Xinhua, September 16, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Tuesday with soybean futures keeping rising amid U.S. crop rating decline, while corn and wheat retreating.

The most active corn contract for December delivery lost 3 cents, or 0.76 percent, to close at 3.905 U.S. dollars per bushel. December wheat delivery shed 6.5 cents, or 1.30 percent, to close at 4.9475 dollars per bushel. November soybeans gained 4.75 cents, or 0.54 percent, to close at 8.89 dollars per bushel.

Chicago soybeans rallied for a fourth straight session on Tuesday, as a report overnight released by the U.S. Department of Agriculture (USDA) showed a 2-point drop from the previous week, to 61 percent, in the proportion of U.S. soybeans rated "good" or "excellent."

Grain futures, however, struggled on Tuesday on a third successive session after Friday's release by the USDA of a bigger-than-forecast drop in the estimate for the domestic corn yield this year.

Global wheat demand remains slow, putting more pressure on Chicago wheat futures, which settled off more than 1 percent on Tuesday.

On Monday afternoon, the USDA also reported U.S. corn crops in good and excellent conditions held steady at 68 percent. The corn rating was 6 percent below last year while soybeans were down 9 percent. Enditem