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Chicago agricultural commodities close mixed

Xinhua, August 5, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn and wheat fell Thursday, pressured by abundant supplies, while soybean prices rose slightly.

The most active corn contract for December delivery was down 4 cents, or 1.19 percent, to 3.31 dollars per bushel. September wheat delivery fell 7 cents, or 1.71 percent, to 4.0325 dollars per bushel. November soybeans was up 1.25 cents, or 0.13 percent, to 9.5675 dollars per bushel.

The fresh wheat supplies come online as federal forecasters are protecting domestic inventories next season will top one billion bushels, and global wheat stockpiles are expected to remain large despite crop shortfalls in Europe. Disappointing export sales also weighed on prices for the grain Thursday.

Corn prices dropped to a 23-month low, weighed down by largely favorable Midwest weather and lower wheat prices. Federal projections that U.S. farmers will harvest a record corn crop this year also buffeted prices for the grain.

Soybean futures were mixed, with nearby futures closing unchanged from the previous session, while later-dated contracts ticked higher. Prices for the oilseeds traded higher for much of the day due to evidence of robust demand for U.S. supplies.

But the market lost strength as the day wore on due to wetter forecasts for the Farm Belt and speculation that U.S. growers will harvest a massive soybean crop for the fourth year in a row. Endit