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Chicago agricultural commodities close mixed ahead of USDA report

Xinhua, October 12, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures close mixed Tuesday, as traders adjusted positions ahead of a monthly U.S. government crop report.

The most active corn contract for December delivery rose 2.25 cents, or 0.66 percent, to 3.455 dollars per bushel. December wheat delivery added 3.5 cents, or 0.87 percent, to 4.0725 dollars per bushel. November soybeans fell 0.25 cents, or 0.03 percent, to 9.5425 dollars per bushel.

All three markets were able to withstand pressure from weaker energy markets and a stronger dollar, which tends to make U.S. grains less attractive on the world market.

The corn market was buoyed by evidence of ongoing demand for U.S. supplies of the grain, with private exporters reporting export sales of 161,544 metric tons of corn for delivery to unknown destinations during the 2016-17 crop year. Solid figures for corn inspected for export last week added to positive sentiment in the market.

Soybean prices fell slightly, with nearby contracts dipping lower on expectations the USDA will raise its estimates for the U.S. soybean crop after favorable August weather boosted crop yields. Analysts expect the USDA to peg output of the oilseeds this year at a record 4.277 billion bushels, up from its September forecast for 4.201 billion.

Later-dated soybean contracts were supported by signs of ongoing demand, which will be necessary to help reduce the hefty crop stockpiles likely to result from a record-setting harvest this year.

Wheat drew support from technical buying including fund short-covering.

"We are not talking about a rally, it is just rising from multi-year lows," said Phin Ziebell, agribusiness economist at National Australia Bank. Endit