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Chicago agricultural commodities close mixed after USDA's key report

Xinhua, July 1, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn extended declines, wheat closed a little higher, while soybeans advanced sharply after U.S. Department of Agriculture (USDA) released its closely monitored grain stocks report and acreage report.

The most active corn contract for December delivery declined 11.75 cents, or 3.07 percent, at 3.7125 dollars per bushel. September wheat delivery rose 1 cents, or 0.22 percent, to 4.455 dollars per bushel. November soybeans advanced 40.75 cents, or 3.66 percent, to 11.5325 dollars per bushel.

For the month of June, corn, wheat shed 8.28 percent, 4.09 percent respectively, while soybeans climbed 6.93 percent, based on the most active contract month.

USDA released its acreage report and grain stocks report on Thursday. In the report, USDA said that corn planted area for all purposes in 2016 is estimated at 94.1 million acres, up 7 percent from last year.

Meanwhile, the corn stocks on June 1, 2016 totaled 4.72 billion bushels, up 6 percent from June 1, 2015, USDA said in the grain stocks report. Analysts said that the stocks were also bigger than expected, extending pressure on corn Thursday.

As for the wheat, the report showed that wheat planted area for 2016 is estimated at 50.8 million acres, down 7 percent from 2015. However, wheat stored on June 1, 2016 totaled 981 million bushels, up 30 percent from a year ago, according to the grain stocks report.

Soybean planted area for 2016 is estimated in the acreage report at 83.7 million acres, up 1 percent from last year. Analysts noted that this was up from USDA's March estimate but down from most traders' expectation.

Soybeans stored on June 1, 2016 totaled 870 million bushels, up 39 percent from June 1, 2015, the grain stocks report said.

In the weekly export sales report, released by the USDA on Thursday, corn net sales were rated at 468,500 tons in the week of June 23, down 46 percent from the previous week and 59 percent from the prior 4-week average; wheat net sales were rated at 645,300 tons for delivery in marketing year 2016/2017; soybeans net sales were rated at 730,000 tons, up 11 percent from the previous week and 15 percent from the prior 4-week average.

Analysts noted that the export sales showed demand for U.S. soybeans also improved, giving additional support to soybeans Thursday.

In its daily export system, USDA announced Thursday morning that private exporters' export sales of 120,400 metric tons of corn for delivery to Mexico. Endit