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Chicago corn, soybeans extend gains, wheat retreats on technical selling

Xinhua, January 14, 2016 Adjust font size:

Chicago Board of Trade (CBOT) wheat retreated Wednesday on profit taking following a big gain in the previous session, while corn and soybeans extended gains.

The most active corn contract for March delivery added 1.25 cents, or 0.35 percent, to settle at 3.58 U.S. dollars per bushel. March wheat delivery was lower 3.25 cents, or 0.68 percent, to close at 4.78 dollars per bushel. March soybeans rose 5.5 cents, or 0.63 percent, to close at 8.80 dollars per bushel.

Traders locked in profits on Wednesday after Tuesday's rally. Wheat advanced 2.61 percent on Tuesday as the much-awaited United States Department of Agriculture's (USDA) Monthly report showed lower-than-expected wheat planting areas.

Corn and soybeans extended gains as traders continued their short covering after the USDA's monthly report.

Meanwhile, the Weekly Ethanol Production Report, released by the U.S. Energy Information Administration on Wednesday, said that Fuel Ethanol production rose from 996,000 barrels per day to 1,003,000 barrels per day till the week of Jan. 8.

As the ethanol is mainly made by corn in the United States, analysts noted that the report benefited corn as more corn are expected to be used for ethanol in the near future. Endit