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Chicago agricultural commodities closed mixed

Xinhua, August 12, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed mixed Thursday, with soybeans firming on signs of resurgent export demand.

Corn drifted lower in subdued trade as the market awaited key monthly reports due Friday from the U.S. Department of Agriculture.

Wheat fell on plentiful supplies and technical selling, despite better-than-expected weekly export sales data.

The most active corn contract for December delivery was down 1.25 cents, or 0.38 percent, to 3.3175 dollars per bushel. September wheat delivery fell 5.5 cents, or 1.3 percent, to 4.1625 dollars per bushel. November soybeans rose 1.75 cents, or 0.18 percent, to 9.84 dollars per bushel.

Soybeans rose after the USDA reported export sales of U.S. soybeans totaling more than 3 million tonnes in the week to Aug. 4, topping analysts' expectations.

In addition, the USDA confirmed sales in the last day of 129,000 tonnes of U.S. soybeans to unknown destinations and another 120,000 to China.

However, upside momentum was limited in grains trade as brokers positioned for the USDA's monthly supply/demand reports, which will include the government's first estimates of U.S. 2016 corn and soybean yield based on field surveys.

Weather remains largely favorable, with rains crossing much of the Midwest this week as the corn crop fills kernel and soybeans set pods.

Wheat futures fell by a few cents a bushel on technical selling and ample global supplies. The market shrugged as USDA reported weekly export sales of U.S. wheat above 600,000 tonnes, a five-week high that topped trade expectations.

Wheat traders will be watching on Friday for revisions to the USDA's world outlook in light of poor harvests in western Europe and bumper crops in the Black Sea region. Endit