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Chicago agricultural commodities mixed

Xinhua, January 28, 2016 Adjust font size:

Wheat futures retreated Wednesday on the Chicago Board of Trade (CBOT) on technical selling while soybeans rebounded. Corn remained unchanged.

The most active corn contract for March delivery remained at 3.6925 U.S. dollars per bushel. March wheat delivery lost 8.25 cents, or 1.70 percent, to close at 4.765 dollars per bushel. March soybeans gained 6.5 cents, or 0.74 percent, to close at 8.83 dollars per bushel.

The Interfax news agency reported Wednesday morning that Russia's top official had proposed removing the wheat export tax. Analysts said the news has ended fund short covering while prompted technical selling on the wheat market, pressing wheat lower after it gained four successive trading days.

As for soybeans, analysts said the dryer weather in Argentina continued to support soybeans Wednesday.

The U.S. Energy Information Administration released its Weekly Ethanol Plant Production Report Wednesday, saying that fuel ethanol production in the week of Jan. 22 fell to 961,000 barrels from last week's 983,000. While the ethanol stock fell from last week's 21,940,000 barrels to 21,436,000. Endit