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Chicago wheat, corn, soybean lower despite U.S. export sales within expectations

Xinhua, November 14, 2015 Adjust font size:

Chicago Board of Trade(CBOT) corn, soybean and wheat futures settled all lower on Friday amid normal global weather advancing, even as U.S. weekly crop export sales arrived in line with market expectations.

The most active corn contract for December delivery lost 3.75 cents, or 1.04 percent, to close at 3.5825 U.S. dollars per bushel. December wheat delivery dropped 2.25 cents, or 0.45 percent, to close at 4.9575 dollars per bushel. January soybeans shed 7.75 cents, or 0.9 percent, to close at 8.5525 dollars per bushel.

As there is no major global weather issues currently, agricultural markets are trading below unchanged despite U.S. export sales being posted right within trade expectations, said analysts.

The U.S. Department of Agriculture (USDA) said Friday in its weekly export report that for the week ending Nov. 5, the United States witnessed exports of 239,300 metric tons (MT) of wheat,up 35percent from the previous week,but down 12 percent from the prior 4-week average. Corn exports were 270,900 MT, down 45 percent from the previous week and 44 percent from the prior 4-week average, while soybean export sales were 2,485,700 MT, up 14 percent from the previous week and from the prior 4-week average.

CBOT agricultural commodities also came under pressure from a soaring U.S. dollar on Friday, as well as a report released by the USDA raising 2015 planted acreage of U.S. corn, soybeans and wheat from the prior month.

For the week, the most active corn contract for December delivery lost 3.95 percent, December wheat shed 5.26 percent, while January soybeans dropped by 1.38 percent. Enditem