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Chicago wheat, corn rally; soybean lower despite upbeat export sales

Xinhua, October 30, 2015 Adjust font size:

Chicago Board of Trade agricultural commodities settled mix on Thursday with wheat, corn rallying on technical buying.

Meanwhile, soybeans kept falling amid easing weather concerns, despite better-than-expected U.S. export data. January soybeans lost 2.5 cents, or 0.28 percent, to close at 8.8025 U.S. dollars per bushel.

The most active corn contract for December delivery gained 4 cents, or 1.06 percent, to close at 3.80 dollars per bushel. December wheat delivery added 9 cents, or 1.78 percent, to close at 5.15 dollars per bushel.

Chicago wheat futures rallied strongly, supported by last week's U.S. wheat export sales jumping by more than 50 percent from the prior week and rising concerns about dry weather in the Black Sea area, a major world wheat importer.

Technical buying also helped wheat and corn rally after prices of the two major agricultural commodities slipped a day earlier.

Chicago soybeans dropped for a second straight session on Thursday amid improving Brazilian weather forecast, even as analysts said U.S. soybean export sales were well above expectations. With normal weather condition, Brazil is on track to produce a record large soybean crop.

The U.S. Department of Agriculture (USDA) said Thursday in its weekly export report that for the week ending Oct. 22, the United States witnessed exports of 320,200 metric tons of wheat, up 51 percent from the previous week, but down 26 percent from the prior four-week average.

Corn exports were 433,300 metric tons, up 6 percent from the previous week, but down 25 percent from the prior four-week average, while soybeans export sales were 2,806,100 metric tons, a marketing-year high, up 25 percent from the previous week and up noticeably from the prior four-week average, the report revealed. Enditem