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Chicago agricultural commodities mixed after USDA's key report

Xinhua, June 11, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat declined more on Friday, while soybeans extended a little gains as USDA's report showed demand for U.S. soybeans has improved.

The most active corn contract for July delivery fell 3.50 cents, or 0.82 percent, to close at 4.23 dollars per bushel. July wheat delivery declined 15.25 cents, or 2.99 percent, to settle at 4.95 dollars per bushel. July soybeans was higher of 2.25 cents, or 0.19 percent, to close at 11.7825 dollars per bushel.

For the week, corn, soybeans advanced 1.14 percent, 4.09 percent respectively, while wheat shed 0.45 percent.

The U.S. dollar increased against most major currencies on Friday and analysts noted that stronger dollar weighed on corn Friday, but corn rallied after the much-awaited report from U.S. Department of Agriculture (USDA) showed smaller U.S. ending stocks.

USDA release its monthly World Agricultural Supply and Demand Estimates Report on Friday, saying that the U.S. projected corn production for 2016/17 is unchanged at a record 14,430 million bushels. However, corn ending stocks for 2016/17 were projected at 2,008 million bushels, down 145 million from last month, according to the report.

The USDA said that U.S. wheat ending stocks are raised 21 million bushels to 1,050 million, which were the largest in 29 years. Meanwhile, global wheat supplies for 2016/17 were raised 3.9 million tons with production increases for the EU, Russia, and the United States more than off setting reductions for Brazil and Mexico.

Analysts noted that wheat declined further as the USDA report showed bigger supplies.

As for the soybeans, USDA said soybean ending stocks for 2015/16 were projected at 370 million bushels, down 30 million from last month, ending stocks for 2016/17 were reduced 45 million bushels to 260 million on lower beginning stocks and increased exports.

USDA also added in the report that soybean exports are raised with reductions for Brazil and Ukraine.

on Friday, USDA also announced its fifth soybean export sales in a row this week. According to the announcement from the agency, export sales of 263,000 tons of soybeans for delivery to unknown destinations. Of the total, 203,000 ton is for delivery during the 2015/2016 marketing year and 60,000 tons is for delivery during the 2016/2017 marketing year. Endit