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Chicago soybeans, wheat rally; corn weakens on demand concerns

Xinhua, October 28, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed Tuesday, with soybean, wheat futures rising while corn falling back from the previous rally amid ample supplies and weak demand for U.S. corn.

The most active corn contract for December delivery lost 4.5 cents, or 1.17 percent, to close at 3.80 U.S. dollars per bushel. December wheat delivery added 0.25 cents, or 0.05 percent, to close at 5.0925 dollars per bushel. January soybeans gained 6.5 cents, or 0.73 percent, to close at 8.91 dollars per bushel.

Chicago corn was pressured by soft weekly U.S. corn export inspections, which is well below what's needed to meet the U.S. government's estimate and falling oil prices, putting more pressure on U.S. ethanol production which mainly used corn.

Soybean prices bounced back from the previous drop, triggered by expectations for large weekly U.S. soybean export sales Thursday. Analysts expected U.S. Department of Agriculture (USDA) could raise their soybean export estimate in the November crop estimate report as China has been a much larger than expected soybean importer at soybean prices below 9 dollars per bushel.

Wheat got some support Tuesday as a report overnight released by the USDA showed the U.S. winter wheat in good and excellent conditions held at 47 percent, a 12-percent below last year. Endit