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Chicago agricultural commodities close mixed

Xinhua, March 10, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn retreated on Wednesday, while wheat and soybeans extended their gains into a sixth consecutive trading session.

The most active corn contract for May delivery shed 1 cents, or 0.28 percent, to 3.595 U.S. dollars per bushel. May wheat delivery added 3 cents, or 0.64 percent, to 4.6825 dollars per bushel. May soybeans rose 1.25 cents, or 0.14 percent, to 8.8575 dollars per bushel.

Corn retreated from its two-week high seen in the previous day, amid the weaker weekly ethanol figures. Corns are usually used to make ethanol in the United States.

The U.S. Fuel Ethanol output during the week ending March 4 was down 9,000 barrels a day from the previous week to 987,000 barrels a day, while the stocks were up 683,000 barrels to 23.307 million barrels, according to the Weekly Ethanol Plant Production Report released Wednesday by the U.S. Energy Information Administration.

Also on Wednesday, the U.S. Department of Agriculture (USDA) released its monthly World Agricultural Supply and Demand Estimates (WASDE) Report. The report showed that the global 2015/2016 wheat supplies fell 3.3 million tons, while the world wheat consumption for 2015/16 dropped 2.0 million tons to 709.4 million. However, there are no changes for U.S. wheat stocks.

For the soybeans, the global production is projected at 320.2 million tons, down slightly from last month, while the U.S. soybean ending stocks are projected at 460 million bushels, up 10 million from last month due to a lower crush.

The report said the global corn ending stocks were down 1.8 million tons, but the U.S. ending stock were unchanged.

However, analysts said, market reaction to the report was tepid, as its focus now shifts to the U.S. stocks and seeding report due out at the end of March. Endit