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Chicago soybeans, corn retreat; wheat higher on weaker greenback

Xinhua, February 4, 2016 Adjust font size:

Chicago Board of Trade (CBOT) wheat, soybean and corn futures closed mixed on Wednesday, with soybeans, corn retreating after gains in the previous session, while wheat ending higher on the soft U.S. dollar.

The most active soybean contract for March delivery dropped 9.5 cents, or 1.07 percent, to close at 8.7675 dollars per bushel. Corn for March delivery lost 1.5 cents, or 0.4 percent, to close at 3.71 U.S. dollars per bushel.

Meanwhile, March wheat delivery added 4.75 cents, or 1 percent, to close at 4.8 dollars per bushel.

Chicago soybeans ended lower Wednesday as the U.S. producers added selling amid favorable weather in South America, a major soybean producer and exporter.

U.S. corn also decreased for the day, after the weekly ethanol production report released by the U.S. Energy Information Administration(EIA) on Wednesday.

U.S. ethanol production through the week ending Jan. 29, was down slightly from the prior week, while U.S. ethanol stocks increased by 4.3 percent through the week, up more than 6.5 percent year on year. The figure was seen as bearish to corn future.

Analysts said that U.S. ethanol stocks are now at their highest levels since 2012, which cut investors' outlook for corn used to produce ethanol for 2015/16 crop year.

The weaker greenback sent Chicago wheat higher on Wednesday. The U.S. Dollar Index, a measure of the dollar against six major currencies, fell by more than 1.5 percent in the morning session on downbeat U.S. economic data and diminishing expectations for another rate hike in the near future.

Generally, interest rates increase would send the U.S. dollar higher, which would hurt the appeal of greenback-demoninated agricultural commodities. Endit