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Chicago agricultural commodities close mixed

Xinhua, October 25, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle mixed on Monday, with soybean futures climbing to a two-month high on brisk U.S. exports and rising prices for vegetable oils.

Wheat futures fell nearly 3 percent and corn futures more than 1 percent, weighed down by spread trading tied to abundant global grain supplies and a firm dollar that made U.S. commodities more expensive in international markets.

The most active corn contract for December delivery fell 4.25 cents, or 1.21 percent, to 3.4825 dollars per bushel. December wheat delivery dropped 12 cents, or 2.9 percent, to 4.025 dollars per bushel. November soybeans added 9 cents, or 0.92 percent, to 9.92 dollars per bushel.

Malaysian palm oil closed up 3 percent at the highest levels in more than two years as Asian vegoil supplies declined.

Higher U.S. soy prices came despite a record-large soybean harvest that analysts predicted at 77 percent complete and as grain prices fell sharply.

"I think it is a bean oil day, still. We had soybean spreading against grains," said Futures International analyst Terry Reilly. "There is not that much bullish news in the grains."

Wheat futures for December delivery fell sharply on pace for its largest daily losses in two months. Some traders were selling the front-month contract and buying deferred contracts.

The U.S. Department of Agriculture said 2.7 million tonnes of soybeans were inspected for export in the week ended Oct. 20, compared with 541,527 tonnes of corn and 244,331 tonnes of wheat. The soybean shipments were above the high end of analysts' expectations.

Demand for U.S. wheat was limited. Wheat prices in Russia gained for the sixth straight week, prompted by recent purchases of Russian wheat by top importer Egypt. Endit