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Chicago corn, wheat, soybeans close little lower to close week

Xinhua, November 21, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all settled a little lower on Friday to close the week.

The most active corn contract for December delivery fell 1 cents, or 0.27 percent, to settle at 3.6325 U.S. dollars per bushel. March wheat delivery was lower 2.25 cents, or 0.46 percent, to close at 4.90 dollars per bushel. January soybeans lost 2.50 cents, or 0.29 percent, to close at 8.575 dollars per bushel.

For the week, corn, soybeans added 1.4 percent and 0.26 percent; while wheat, considering the most active contract, lost 0.81 percent.

Analysts said corn retreated slightly on stronger dollar Friday, but finished higher for the week on the stronger export sales on Thursday.

While soybeans fell on Friday as traders talking about the prospect of victory at weekend presidential elections by Mauricio Macri in Argentine, who is expected to cut export taxes, boosting more supplies from there.

What's more, the Argentine Agriculture Ministry said that Argentine farmers may plant 20.6 million hectares of soybeans for 2015/2016 season, up 4.1 percent from the previous year, also higher than the forecast of U.S. Department of Agriculture.

While wheat dropped as favorable rains and snow falling in the U.S. central and southern Plains, and forecast said more rain and snow will come during weekend. Endit