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Chicago corn, wheat fall on stronger U.S dollar; soybeans rebound

Xinhua, November 7, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat fell Friday on the stronger U.S. dollar, while soybeans rebounded slightly from previous losses.

The most active corn contract for December delivery fell 1.5 cents, or 0.4 percent, to settle at 3.73 U.S. dollars per bushel. December wheat delivery lost 3 cents, or 0.57 percent, to close at 5.2325 dollars per bushel. January soybeans rose 3.25 cents, or 0.38 percent, to close at 8.6725 dollars per bushel.

For the week, corn, soybeans lost 2.42 percent, 2.09 percent, respectively, while wheat added 0.24 percent.

The U.S. dollar soared against other major currencies Friday, cutting the competitiveness of U.S. dollar-denominated commodities and boosting fund selling on the CBOT, according to analysts.

CBOT floor brokers estimated that funds have sold 7,000 contracts of corn, 2,500 contracts of wheat and 3,700 contracts of soybeans before midday, according to AgResource, a Chicago-based independent consultancy.

Soybean, however, managed to settle a little higher Friday, with the recovery seen as in part technical. Endit