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Chicago corn rebounds on export news; wheat, soybeans decline more on rising U.S. dollar

Xinhua, October 24, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn rebounded on export news Friday, while wheat and soybeans continued to settle lower as the U.S. dollar strengthened.

The most active corn contract for December delivery added 1.5 cents, or 0.4 percent, to settle at 3.7975 U.S. dollars per bushel. December wheat delivery lost 0.25 cents, or 0.05 percent, to close at 4.905 dollars per bushel. November soybeans dropped 3.25 cents, or 0.36 percent, to close at 8.955 dollars per bushel.

For the week, corn advanced 0.8 percent while wheat and soybeans fell 0.36 percent and 0.31 percent, respectively.

Analysts said that corn succeeded to settle higher as good export news was announced. In the morning, the U.S. Department of Agriculture reported export sales of 130,000 metric tons of corn for delivery to unknown destinations during the 2015/2016 marketing year.

Wheat and soybeans, however, continued their declines on technical selloff because the U.S. dollar increased against other major currencies Friday. CBOT floor brokers reported that funds sold 1,500 contracts of wheat and 3,000 contracts of soybeans before midday Friday, according to the independent consultancy AgResource Company, headquartered in Chicago, Illinois. Endit