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Chicago agricultural commodities mixed to open week

Xinhua, February 23, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, soybeans settled higher Monday, while wheat extended losses on strong U.S. dollar and ample global supply.

The most active corn contract for March delivery added 2 cents, or 0.55 percent, to close at 3.675 dollars per bushel. March wheat delivery declined 3.25 cents, or 0.70 percent, to close at 4.585 dollars per bushel. March soybeans gained 2.75 cents, or 0.31 percent, to close at 8.81 dollars per bushel.

Analysts said that corn was supported by expectations of stronger demand as the U.S. Department of Agriculture (USDA) said Monday morning that private exporters reported export sales of 100,000 metric tons of corn for delivery to Colombia during the 2015/2016 marketing year. On Friday, the USDA's weekly export report also showed signs of stronger demand for U.S. corn, which rated corn sales of 1,050,700 metric tons till the week of Feb. 11, up noticeably from the previous week and 21 percent from the prior 4-week average.

Additionally, the flooding in Argentina helped corn higher Monday, according to analysts. Argentina, one of the main exporter of corn and soybeans, announced Friday flood emergency in six key agricultural provinces.

Soybeans settled higher on technical buying Monday after it fell two successive trading days.

However, wheat closed lower for its third successive trading day. Analysts attributed the loss of wheat to a stronger U.S. dollar, as the stronger dollar makes the dollar-denominated wheat more expensive for buyers holding other currencies. Wheat was also pressed by ample global and U.S. stocks. Endit