Off the wire
• Morocco foils smuggling of 13-ton cannabis  • UN chief urges Israel, Palestine to overcome "political paralysis" through talks  • Nigerian police nab kidnappers of Sierra Leonean envoy  • Oil prices rally on technical correction  • (Feature)Cards, guides and applications for getting around during Olympics  • U.S. dollar extends gains against yen on Japanese stimulus expectations  • Nigeria appeals to oil marketers not to sack workers  • Unasur warns Brazil budget cuts could raise poverty levels  • 4.6 million Sudanese people in urgent need of humanitarian aid: UN  • Nigeria seeks to attain permanent polio-free status: president  
You are here: 　 Home

Chicago agricultural commodities close higher after USDA's key report

Xinhua, July 13, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all settled higher Tuesday after the U.S. Department of Agriculture (USDA) released its monthly World Agricultural Supply and Demand Estimates (WASDE) Report.

The most active corn contract for December delivery added 4.75 cents, or 1.34 percent, to 3.6025 dollars per bushel. September wheat delivery rose 8 cents, or 1.86 percent, to 4.385 dollars per bushel. November soybeans advanced 32 cents, or 3.03 percent, to 10.87 dollars per bushel.

In the closely monitored WASDE Report, USDA lowered corn beginning stocks for 2016/17 by 7 million bushels, meanwhile, USDA raised 2016/17 U.S. corn use by 30 million bushels.

In addition USDA raised the corn exports estimates. "Exports are projected 100 million bushels higher on reduced competition from Brazil,as reflected by new-crop export sales that are well above a year ago," USDA said in the report.

USDA also lowered Brazil corn production for 2015/16 by 7.5 million tons.

Analysts noted corn rebounded after USDA released the report at noon on Tuesday as the report forecast lower-than-expected stocks and ample demand for U.S. corn.

USDA rated U.S. wheat ending stocks at 1,105 million bushels, which is the highest since 1988/89. However, USDA also raised U.S. wheat exports to 925 million bushels, which would be the highest in 3 years. Meanwhile, USDA pegged global 2016/17 wheat supplies at 983.0 million tons, up 9.2 million tons on increased production as well as increase in beginning stocks.

As for the soybeans, USDA projected ending stocks for 2016/17 at 290 million bushels, which analysts noted are in line with expectations and the results of the report were neutral for soybean future price on Tuesday.

However, analysts noted soybeans rallied as the new weather forecast favored hotter and drier weather again in the U.S. Midwest, boosting concerns that drier weather may dent soybean progress there. Endit