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Chicago agricultural commodities settle higher on export sales, soymeal gains

Xinhua, October 28, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle higher on Thursday amid widespread buying in agricultural markets and optimism over demand for some crops.

The most active corn contract for December delivery rose 3.5 cents, or 0.99 percent, to 3.575 dollars per bushel. December wheat delivery added 3 cents, or 0.73 percent, to 4.145 dollars per bushel. January soybeans rose 4 cents, or 0.39 percent, to 10.25 dollars per bushel.

Soybean prices advanced to a fresh two-month high, bolstered by ongoing healthy appetite for the oilseeds among overseas importers who are purchasing U.S. supplies at a rapid pace.

In a weekly report, the U.S. Department of Agriculture said net soybean sales for the week ended Oct. 20 totaled about 2.05 million metric tons, which was in line with analyst expectations for 1.5 to three million tons. The government said Thursday private exporters also had booked export sales totaling 525,000 tons to China and unknown destinations for the 2016/17 crop year.

Higher soybean prices and technical buying shored up corn and wheat markets, with grain prices rising for a third straight session.

Solid wheat exports also shored up prices, with the USDA reporting net wheat sales last week totaled 646,100 metric tons, close to the high end of analyst expectations. The sale increased optimism over demand after a large wheat purchase by Egypt earlier in the week signaled growing global appetite for the crop at a time of record grain supplies.

The International Grains Council raised its forecast for the 2016/17 world corn crop to a record-high 1.035 billion metric tons, boosted by upward adjustments for the United States, Argentina and India. The intergovernmental body, in a monthly report, also increased its forecasts for wheat and total grains to record levels, with global stocks expected to climb. Endit