Chicago agricultural commodities close mixed

Chicago Board of Trade (CBOT) grains futures close mixed on Thursday, with corn, wheat futures dropping while soybean prices rising.

The most active corn contract for December delivery fell 3.25 cents, or 0.96 percent, to 3.3675 dollars per bushel. December wheat delivery dropped 2.25 cents, or 0.55 percent, to 4.055 dollars per bushel. November soybeans rose 1 cents, or 0.1 percent, to 9.765 dollars per bushel.

Prices for corn slid as growers made progress collecting crops in the Farm Belt, gathering up grain that will help build U.S. corn stockpiles to a 29-year high next year. Corn yields have varied since the nation's harvest began, spurring skepticism over the government's projection for record production and yields, but analysts said growers now are beginning to report better yields as harvest deepens.

Wheat futures also lowered, weighed down by falling corn prices and ample domestic inventories, which also are expected to swell to the largest in nearly three decades next year.

Meanwhile, soybean prices inched upward, bolstered by concerns over drenching Midwest rains and proof of ongoing demand for U.S. supplies of the oilseeds. The USDA on Thursday said private exporters had booked sales totaling 391,000 metric tons of soybeans for delivery to China and unknown destinations.

Prices for soybeans drew further support from heavy rains which have swamped parts of major farm states like Iowa and Minnesota, potentially denting crop yields. Some crops in those states could be lost to flooding, though expectations remain for a massive U.S. soybean harvest. Endit