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Chicago corn, wheat lower; soybeans extend gains on export sales

Xinhua, December 3, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn retreated Wednesday, wheat also lower, while soybeans gained for the third successive day following new export sales.

The most active corn contract for March delivery lost 3.5 cents, or 0.94 percent, to settle at 3.7025 U.S. dollars per bushel. March wheat delivery shed 4.25 cents, or 0.9 percent, to close at 4.6725 dollars per bushel. January soybeans added 3 cents, or 0.34 percent, to close at 8.9225 dollars per bushel.

Analysts said corn retreated Wednesday as an official report showed sharp drop in production of corn-based biofuel. The Weekly Ethanol Plant Production Report, released by the U.S. Energy Information Administration on Wednesday, said that U.S. ethanol production fell to 956,000 barrels per day till week of Nov. 27 from last week's 1,008,000 barrels per day, far more than investors had expected.

Additionally, Mauricio Macri won the presidential elections of Argentina as expected, and investors are expecting him to remove the corn export tax soon. The prospect of more production and exports of corn from Argentina also pressed Chicago corn lower.

While soybeans added again to its highest settlement since Oct. 23, as new export sales was announced.

The U.S. Department of Agriculture said Wednesday morning that private exporters reported export sales of 124,000 metric tons of soybeans for delivery to unknown destinations during the 2015/2016 marketing year, while wheat shed on stronger U.S. dollar. Endit