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Chicago soybeans slide on higher yield expectations; grains rally

Xinhua, October 2, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities futures closed mixed Thursday, with soybean futures slipping sharply as investors expected a higher yield in the upcoming month, while wheat rallying in a delayed reaction to lower crop stocks.

The most active corn contract for December delivery added 1 cents, or 0.26 percent, to close at 3.8875 U.S. dollars per bushel. December wheat delivery gained 5.5 cents, or 1.07 percent, to close at 5.1825 dollars per bushel. November soybeans dropped 14.75 cents, or 1.65 percent, to close at 8.7725 dollars per bushel.

Soybean futures ended its two-day winning streak on Thursday, pressured by favorable harvest weather in the Midwest and signs that higher soybean yields in October are gaining traction.

Chicago wheat rallied more than 1 percent for a second session in a row on Thursday as the market adjusted to the surprising cut in U.S. crop stocks reported by the U.S. Department of Agriculture (USDA) a day earlier.

Corn prices closed mixed Thursday, even as U.S. corn weekly sales were generally in line with expectations.

The U.S. Department of Agriculture (USDA) Thursday reported that for the week ending Sept. 24, the United States witnessed exports of 564,400 metric tons (MT) of wheat, up 8 percent from the previous week, but down 3 percent from the prior 4-week average; corn export sales were 813,800 MT, up 2 percent from the previous week, while exports of 814,900 MT of soybeans were noticeably up from the previous week.

For their respective crop years to date, the export figures of the three crops are well under those of last year, according to analysts. Enditem