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Chicago corn, wheat retreat while soybeans extend gains on technical buying

Xinhua, December 31, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn and wheat retreated Wednesday, while soybeans extended gains on technical buying, according to analysts.

The most active corn contract for March delivery lost 3.5 cents, or 0.97 percent, to settle at 3.59 U.S. dollars per bushel. March wheat delivery shed 6 cents, or 1.26 percent, to close at 4.6975 dollars per bushel. March soybeans gained 4.5 cents, or 0.52 percent, to close at 8.7025 dollars per bushel.

Analysts said that there was little fresh news to guide trading and the trade was light in the day.

Soybeans rose on technical buying on modest volume as three-day holiday weekend is around the corner, said analysts. The CBOT floor brokers estimated that funds have bought some 3,400 contracts of soybeans before midday Wednesday, according to Agresource, the Chicago-based consultancy company.

Funds sold 5,000 contracts of corn and 4,000 contracts of wheat, Agresource reported in its Mid-day commentary.

Analysts said that corn settled lower amid worries that Argentina will compete with U.S. corn as Argentina has announced removal of export duties recently.

The weekly corn-based ethanol production, however, rose during the week of Dec. 25, giving some support to corn, according to analysts. The Weekly Ethanol Plant Production Report, released Wednesday by the U.S. Energy Information Administration, said that ethanol rose to 992,000 barrels from previous week of 973,000 barrels, while the ethanol stocks fell to 20.166 million barrels from previous week's 20.387 million barrels.

As for the wheat, analysts said that ample global supplies continued to weigh on the market Wednesday, and U.S. wheat was pressed lower because of Argentina's wheat export. Endit