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Chicago agricultural commodities close mixed

Xinhua, September 7, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures close mixed Tuesday, with soybean futures gaining after federal data showed ongoing robust demand for the oilseeds.

The most active corn contract for December delivery stayed unchanged at 3.285 U.S. dollars per bushel. December wheat delivery fell 0.75 cents, or 0.19 percent, to 3.985 dollars per bushel. November soybeans rose 7.25 cents, or 0.76 percent, to 9.5975 dollars per bushel.

Soybeans prices rose for a second consecutive session after the U.S. Agriculture Department said 1.23 million metric tons of soybeans were inspected for export last week. That figure beat analyst expectations and indicated continued strong shipments of the crop ahead of what is expected to be a record U.S. harvest.

Grain futures traded lower for much of the day, pressured by the prospect of massive corn and wheat supplies along with growing competition for exports.

Corn prices were mixed at the close of trade, with just small gains notched for nearby futures as Midwest farmers begin collecting what is projected to be the biggest U.S. crop in history. Prices for the grain swung higher after hitting seven-year lows last week, but the onset of harvest and private estimates released on Friday for a large crop capped the market's advance.

Wheat prices retreated as expectations mount that Russia, a major wheat grower, will harvest a record crop this year and ship the largest amount of wheat ever. That could dent demand for U.S. wheat supplies, which are projected to hit a 29-year high, especially since officials in Russia have canceled the country's export tax on wheat, analysts say.

Grain prices fell despite a sharply lower U.S. dollar, which typically is friendly for corn and wheat markets. Endit