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Chicago agricultural commodities closed mixed

Xinhua, February 26, 2016 Adjust font size:

Chicago Board of Trade ( CBOT) corn and soybeans continued their losses Thursday, while wheat rebounded after it fell for six successive trading days.

The most active corn contract for May delivery lost 4 cents, or 1.10 percent, to close at 3.605 dollars per bushel. May wheat delivery added 2.75 cents, or 0.61 percent, to close at 4.54 dollars per bushel. May soybeans shed 6.75 cents, or 0.77 percent, to close at 8.655 dollars per bushel.

Analysts said that wheat advanced on better export data released Thursday. The U.S. Department of Agriculture (USDA) said Thursday in its weekly export report that till week of Feb. 18, wheat net sales was 387,900 metric tons, up 53 percent from the previous week and 77 percent from the prior 4-week average.

Wheat futures also rebounded from a six-year low on bargain buying as it already fell for six successive trading days, according to analysts.

USDA projected Thursday American farmers would cut their acreage of wheat this year to 51 million acres (about 20.64 million hectares) as wheat price outlook turning worse, and analysts noted the USDA's lower acreage estimate also supported wheat futures Thursday by relieving the market's amply supply worries.

USDA will give more details Friday on its yearly crop forecast.

The International Grains Council (IGC) raised its estimates for global corn production Thursday, extending pressure on U.S. corn. According to a report from IGC, the global corn production was 969 million metric tons, up from the prior month's estimate of 959 million metric tons.

The IGC's report lowered soybean production by 1 million metric tons, but projected consumption of the soybeans flat at 321 million metric tons.

However, the USDA's weekly export report rated soybean net sales at 328,300 metric tons, which were down 34 percent from the previous week and 23 percent from the prior 4-week average. Endit