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Chicago corn, wheat, soybeans rebound on bullish export sales

Xinhua, November 20, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans bounced off Thursday after an official report showed bullish export sales.

The most active corn contract for December delivery added 2.5 cents, or 0.69 percent, to 3.6425 U.S. dollars per bushel. March wheat delivery gained 7.25 cents, or 1.49 percent, to 4.9225 dollars per bushel. January soybeans rose 2.25 cents, or 0.26 percent, to 8.60 dollars per bushel.

The U.S. Departments of Agriculture released its weekly export sales report early Thursday morn, showing better-than-expected export sales for the main three commodities.

The net sales of corn reached 779,800 tons for 2015/2016 marketing year till the week ending Nov. 12, up 26 percent from the previous week and 46 percent from the prior four-week average, according to the report. The figure is also a marketing-year high.

Net sales of wheat reached 721,900 tons, also increasing significantly from the previous week and from the prior four-week average.

Soybeans net sales was 1,797,600 tons, up 39 percent from the previous week and 23 percent from the prior four-week average.

A sharp drop in the dollar Thursday may also add some support to the three commodities as a weak dollar makes the greenback-denominated grains cheaper, according to analysts. Enditem