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Chicago agricultural commodities close mixed

Xinhua, December 14, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle mixed on Tuesday with corn futures rising to a five-month high as strong exports and technical buying supported the prices.

The most active corn contract for March delivery rose 0.5 cents, or 0.14 percent, to 3.61 dollars per bushel. March wheat delivery added 0.25 cents, or 0.06 percent, to 4.175 dollars per bushel. January soybeans dropped 3 cents, or 0.29 percent, to 10.28 dollars per bushel.

CBOT wheat benefited from short-covering as investors unwound bearish bets ahead of the end of the year. The most-actively traded CBOT wheat contract hit its highest in more than two weeks.

Early forecasts have projected another big Russian wheat harvest next year, while a first official reading of soft wheat sowings in France on Tuesday estimated that the area would equal an 80-year high of 5.2 million hectares harvested this year.

Gains in corn were kept in check as the ample supply base was more than able to handle recent demand bumps.

Jason Ward, Northstar Commodity's director of grains and energy, says that Tuesday's trading features mostly spreading.

"More and more chatter of soybeans over corn and how many acres are going to shift away from corn. We are promoting a minimum of 5 million less corn acres and trying our guts out for 7 to 8 million less," Ward says.

The small adjustments on grain markets were encouraged by a cautious mood among investors ahead of a two-day U.S. Federal Reserve meeting that is widely expected to conclude with a decision to raise interest rates. Enditem