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Chicago agricultural commodities close mixed

Xinhua, May 21, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn and soybeans rebounded on Friday, while wheat extended losses on stronger U.S. dollar .

The most active corn contract for July delivery added 4.50 cents, or 1.15 percent, to close at 3.945 dollars per bushel. July wheat delivery lost 1 cents, or 0.21 percent to settle at 4.6775 dollars per bushel. July soybeans gained 2.75 cents, or 0.26 percent, to close at 10.7425 dollars per bushel.

For the week, corn, soybeans advanced 0.96 percent, 0.87 percent respectively, however, wheat declined 1.47 percent.

Analysts said that corn rebounded on fresh export news. The U.S. Department of Agriculture (USDA) said on Friday morning that private exporters reported export sales of 125,000 metric tons of corn for delivery to Colombia during the 2015/2016 marketing year.

USDA said in its weekly export sale report on Thursday that corn net sales reached 1,473,100 tons till week of May 12, which were up 33 percent from the previous week and 13 percent from the prior 4-week average.

Soybean futures witnessed its sixth consecutive weekly gains on Friday and analysts attributed soybean's gains to the strength in soybean meal. U.S. soybean meal futures climbed to their highest prices in 18 months on Friday as concerns about tightening exports from Argentina, Reuters reported Friday.

However, the U.S. dollar climbed against most major currencies on Friday, extending pressure on wheat futures as traders thought that a stronger dollar may curb export sales. Enditem