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Chicago corn, soybeans retreat; wheat slightly higher on short covering

Xinhua, December 16, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, soybeans retreated on Tuesday, while wheat gained a little on short covering.

The most active corn contract for March delivery lost 1.75 cents, or 0.46 percent, to settle at 3.7725 U.S. dollars per bushel. March wheat delivery added 0.75 cents, or 0.15 percent, to close at 4.9425 dollars per bushel. January soybeans fell 7 cents, or 0.8 percent, to close at 8.6725 dollars per bushel.

Analysts said soybeans fell as a disappointing crush report showed shrinking demand. The U.S. National Oilseed Processors Association (NOPA) said on Tuesday that its members crushed 156.134 million bushels of soybeans in November, down from 158.895 million during October, according to Thomson Reuters, the sole distributor of NOPA monthly Crush Report.

It was the lightest November crush since 2011, Thomson Reuters added.

Additionally, soybeans drifted lower after Argentine cut its export tariffs on soybeans by 5 percent. "All markets are still eyeing the prospect of increased exports from Argentina." the online agriculture futures media Agrimoney said Tuesday.

What's more, the U.S. dollar increased against most major currencies on Tuesday, putting some pressure on soybeans as a stronger dollar make the U.S. soybeans more expensive.

However, private exporters reported to the U.S. Department of Agriculture (USDA) export sales of 120,000 metric tons of soybeans for delivery to China during the 2015/2016 marketing year, according to USDA's daily export sale report released on Tuesday.

Corn settled lower on technical selling after they rose 1 percent on Monday, while wheat extended gains in a light trade Tuesday on short covering, according to analysts.

Wheat also settled higher as new tenders from Tunisia, Syria, and Japan were announced. Endit