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Chicago grains sharply higher, soybeans lower on technical reasons

Xinhua, October 27, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Monday with grain prices rallying strongly.

Soybeans fell for a third straight session on technical considerations, although a U.S. weekly export report showed soybeans shipments logged a record level last week.

The most active corn contract for December delivery added 4.75 cents, or 1.25 percent, to close at 3.845 U.S. dollars per bushel. December wheat delivery rose 18.5 cents, or 3.77 percent, to close at 5.09 dollars per bushel. November soybeans lost 10.5 cents, or 1.17 percent, to close at 8.85 dollars per bushel.

"Wheat has the upside leader based on technical considerations while the soybeans move lower on the inter commodity spread unwinding," said AgResource company, a Chicago-based agricultural research institute.

"Soybean/corn and soybean/wheat spreading has been in vogue the past few weeks and those spreads are now being unwound. It's difficult to justify a fall under 8.80 dollars per bushel November soybeans amid large Chinese demand," it said.

The U.S. weekly export inspections released by the U.S. Department of Agriculture(USDA) on Monday showed that soybean inspections through the week ending Oct. 22 rose by almost 13 percent from the prior week, corn shipments were down more than 16 percent from the previous week, wheat exports logged a 53 percent rise, respectively.

For their respective crop years to date, the United States has shipped 4,765,456 metric tons of corn, down nearly 26 percent from a year ago; 8,879,761 tons of wheat, down more than 17 percent from the previous year, and 9,534,402 tons of soybeans, up almost 16 percent from last year, according to the USDA.

Analysts said the weekly exports of soybeans were the second largest on record for the month of October.

The USDA could raise their soybean export estimates in the November crop estimate report as China remains active in seeking additional U.S. soy cargoes for November/December. Enditem