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Chicago agricultural commodities futures market extends gains

Xinhua, October 22, 2015 Adjust font size:

Chicago Board of Trade (CBOT) soybeans, wheat extended gains Wednesday as new export sales were announced, while corns settled higher on U.S. ethanol production data.

The most active corn contract for December delivery gained 4 cents, or 1.06 percent, to settle at 3.8075 U.S. dollars per bushel. December wheat delivery added 3.50 cents, or 0.71 percent, to close at 4.9475 dollars per bushel. November soybeans advanced 9.25 cents, or 1.03 percent, to close at 9.0525 dollars per bushel.

Analysts said that soybeans found support from soybean oil, which advanced sharply after the U.S. Departments of Agriculture (USDA) reported two new sales. The USDA said in the morning that private exporters reported export sales of 20,000 metric tons of soybean oil for delivery to China during the 2015/2016 marketing year; and exports of another 20,000 metric tons of soybean oil to unknown destinations.

Japan will buy 134,352 metric tons of wheat from the United States and Canada, according to agriculture media Farmfutures.

U.S. ethanol production data for last week provided some support for corn, analysts say. The U.S. Energy Information Administration said Wednesday that U.S. ethanol production was 951,000 barrels a day till the week of Oct. 16, up 2,000 barrels a day from the previous week, while inventories dropped 84,000 barrels to 18.872 million barrels. Endit