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Chicago agricultural commodities close mixed

Xinhua, November 24, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures close mixed on Wednesday with soybean futures rising 0.41 percent on the jump in soyoil.

CBOT corn and wheat were lower, pressured by a stronger U.S. dollar and profit-taking ahead of Thursday's Thanksgiving holiday.

The most active corn contract for December delivery fell 0.25 cents, or 0.07 percent, to 3.5075 dollars per bushel. March wheat delivery dropped 3.5 cents, or 0.82 percent, to 4.2375 dollars per bushel. January soybeans rose 4.25 cents, or 0.41 percent, to 10.3425 dollars per bushel.

Soyoil futures soared after the U.S. Environmental Protection Agency (EPA) set the target for total renewable fuel use for 2017 at 19.28 billion gallons, up from this year's 18.11 billion gallons.

The total includes 15 billion gallons for conventional biofuel, mainly corn-based ethanol, and 4.28 billion gallons for the advanced biofuels mandate, which includes soy-based biodiesel.

The primary feedstock for U.S. biodiesel fuel is soyoil, so the EPA's targets should tighten domestic soyoil stocks. The U.S. Department of Agriculture currently projects U.S. Soyoil stocks at the end of the 2016/17 marketing year at 1.658 billion lbs.

Soybeans were choppy as support from the strength in soyoil met pressure from profit-taking, after the January soybean contract notched four-month high .

CBOT corn futures had little reaction to the EPA's biofuels targets and sagged on position-squaring ahead of the Thanksgiving holiday and strength in the dollar, which tends to make U.S. grains less attractive on the world market.

Also, forecasts called for generally favorable weather in South America, where corn and soybean crops are developing.

Traders will be watching the U.S. weekly export sales report on Friday for further direction. Endit