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Chicago agricultural commodities mixed

Xinhua, January 16, 2016 Adjust font size:

The Chicago Board of Trade (CBOT) corn and wheat settled higher on Friday, while soybeans retreated after gaining for three consecutive days.

The most active corn contract for March delivery added 5.25 cents, or 1.47 percent, to close at 3.6325 dollars per bushel. March wheat delivery rose 5 cents, or 1.07 percent, to close at 4.7375 dollars per bushel. March soybeans fell 3.25 cents, or 0.37 percent, to close at 8.79 dollars per bushel.

For the week, corn, soybeans gained 1.75 percent, 1.59 percent respectively, while wheat declined 0.99 percent.

Analysts said corn gained Friday on short covering as the market was expecting improving exports for U.S. corn in the near future. South African Agriculture Minister Senzeni Zokwana said Friday that the country will need to import five to six million tons of corn this year, as the drought there has lessened its domestic wheat harvest.

While wheat rebounded on short covering as wheat declined for two trading days Wednesday and Thursday before a long weekend. The market will be closed on Monday for the U.S. Martin Luther King Jr. Day holiday.

However, soybeans went down as traders were taking profits on Friday after soybeans gained from Tuesday to Thursday, analysts said.

The U.S. National Oilseed Processors Association said in a monthly report that the U.S. soybean crush in December was 157.71 million bushels, roughly in line with analyst expectations, but the smallest crush for that month since 2011, reported Reuters Friday. Endit