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Chicago grains retreat after two-day winning streak; soybeans close higher

Xinhua, April 28, 2016 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed Wednesday, with wheat, corn futures pulling back after rallying strongly for a second straight session, while soybeans going slightly higher.

The most active corn contract for July delivery lost 2.5 cents, or 0.65 percent, to close at 3.8475 U.S. dollars per bushel. July wheat delivery dropped 4.25 cents, or 0.87 percent, to close at 4.835 U.S. dollars per bushel. Soybean for July delivery added 1.25 cents, or 0.12 percent, to close at 10.285 dollars per bushel.

U.S. grains decreased for the day, snapping their two-session winning streak, as investors took profits from the recent rally in wheat and corn markets amid normal weather and ample crop supplies.

"New buyers were not stepping forward, leaving the market vulnerable to a correction," AgResource company, a Chicago-based agricultural research institute, wrote in a note. "Funds that are already long are not willing to chase rallies, but they will look to buy breaks with protective stops under Monday's low."

The data released by U.S. Energy Information Administration Wednesday showed drops in ethanol production and in inventory, which was seen as neutral to corn futures.

U.S. ethanol production through the week ending April 22 was down about 1.3 percent from the prior week to 927,000 barrels per day, while U.S. ethanol stocks decreased by almost 2 percent through the week.

On Wednesday, the most active soybean contract climbed to the highest settlement price since July 14, 2015, logging a new nine-month high, buoyed by the news that the U.S. Department of Agriculture announced the sale of 393,000 metric tons of soybeans to an unknown buyer. Endit