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Chicago agricultural commodities close mixed

Xinhua, November 11, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures close mixed on Thursday with soybean futures rebounding on technical buying after the previous session's steep losses.

Corn edged higher and wheat lower in choppy trading as the dollar rose.

The most active corn contract for December delivery rose 2.75 cents, or 0.81 percent, to 3.435 dollars per bushel. December wheat delivery dropped 2 cents, or 0.49 percent, to 4.0475 dollars per bushel. January soybeans rose 7 cents, or 0.71 percent, to 9.98 dollars per bushel.

Soybean prices resumed a multiday rally after sinking 2 percent in the previous session following a U.S. Department of Agriculture report that raised its forecast for record production of the crop. The government on Wednesday said farmers this year would harvest 4.36 billion bushels of the oilseeds, which far exceeds earlier records.

Higher soybean prices helped prop up the corn market after prices for the grain sank nearly 4 percent in the previous session on a surprise boost to the government's projection for output this year. The USDA said corn production would total nearly 15.23 billion bushels, topping analyst expectations and last month's USDA estimate.

Wheat prices fell to a fresh two-week low, pressured in part by a stronger U.S. dollar, which makes domestic farm goods like wheat more expensive for overseas buyers.

With abundant supplies of U.S. corn, soybeans and wheat, some farmers were looking for opportunities to sell physical supplies, according to Linn Group analyst Roy Huckabay. Endit