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Chicago agricultural commodities close mixed

Xinhua, May 5, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn extended losses on Wednesday, while wheat and soybeans rebounded slightly on technical buying.

The most active corn contract for July delivery fell 3 cents, or 0.79 percent, to close at 3.7675 dollars per bushel. July wheat delivery added 0.5 cents, or 0.11 percent, to close at 4.7125 dollars per bushel. July soybeans rose 4 cents, or 0.39 percent, to close at 10.34 dollars per bushel.

U.S. corn decreased Wednesday on weaker weekly ethanol production datas, according to analysts. The U.S. Energy Information Administration on Wednesday said that in the week ending April 29, U.S. production of corn-based ethanol production was 923,000 barrels per day, lower than previous week's 927,000, while the stocks were higher than previous week's. Analysts noted that these figures have boosted expectations that less corn will be consumed for ethanol, giving pressure on corn on Wednesday.

However, wheat and soybeans rebounded a little on technical buying after their sharp declines on Tuesday.

CBOT floor brokers estimated that funds have bought 1,500 contracts of wheat and 5,500 contracts of soybeans before midday, AgResource, the Chicago-based agriculture consultancy, reported Monday in its daily commentary. Endit