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Chicago agricultural commodities close mixed

Xinhua, May 27, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat extended gains on Thursday, while soybeans retreated as more rain was forecasted in the U.S. Southern Plain and Midwest.

The most active corn contract for July delivery rose 3.50 cents, or 0.86 percent, to close at 4.0825 dollars per bushel. July wheat delivery advanced 15.25 cents, or 3.27 percent, to settle at 4.8125 dollars per bushel. July soybeans shed 5.75 cents, or 0.53 percent, to close at 10.7975 dollars per bushel.

The U.S. Department of Agriculture (USDA) said Thursday in its weekly export sales report that corn net sales were 1,381,100 tons in the week of May 19, down 6 percent from the previous week but unchanged from the prior 4-week average. Some analysts noted that these numbers were better than expectations, showing signs of strong demand for U.S. corns.

USDA also said on Thursday in its daily export sales report that private exporters reported export sales of 130,000 metric tons of corn for delivery to Taiwan and export sales of 123,000 metric tons of corn for delivery to unknown destinations.

The weaker dollar also helped corn Thursday, while more rain was forecasted in the U.S. Southern Plains and Midwest in the weekend and next week also supported corn higher.

The rain also boosted wheat price on Thursday and some analysts said that too much rain may damage the quality of the wheat.

Wheat also soared up on short covering. AgResource, the Chicago-based agriculture consultancy, said that CBOT floor brokers reported funds have bought 6,500 contracts of wheat in the morning session.

While the rain was bearish to soybeans as some farmers may transfer their corn planting to soybeans, according to analysts. Heavy rains could push more acres into soybeans as farmers weigh the benefits of reduced corn yield potential and crop insurance benefits, Farm Futures Magazine reported Thursday in its daily commentary.

The USDA weekly export sales report said that till week of May 19, soybean net sales were 456,800 tons, down 18 percent from the previous week and 1 percent from the prior 4-week average. Endit