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Chicago wheat keeps rallying; soybeans, corn lower

Xinhua, January 27, 2016 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Tuesday with U.S. wheat rallying on speculation that Russia may restrict its wheat export, while soybeans and corn went lower.

The most active wheat contract for March delivery added 3.25 cents, or 0.67 percent, to close at 4.8475 dollars per bushel. Corn for March delivery dropped 0.5 cents, or 0.14 percent, to close at 3.6925 U.S. dollars per bushel. March soybean delivery lost 4 cents, or 0.45 percent, to close at 8.765 dollars per bushel.

Chicago wheat extended its gains to a fourth straight session on Tuesday, as traders reduced bets on lower prices following the news that Russia may place an additional export duty on wheat export. Analysts said U.S. data showed money managers like hedge funds still held a large net-short position in the wheat market, which increases the risk for bearish investors should the grain market rally.

U.S. soybeans and corn showed weakness for the day amid mostly favorable weather in South America, a major U.S. rival for soybean production and export, and Argentina continues to lower the export prices in corn.

"Negative or near negative crush margins never engender a bull market with U.S. soybean stocks at a decade high," said AgResource company, a Chicago-based agricultural research institute. Enditem