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Chicago agricultural commodities close mixed

Xinhua, December 17, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle mixed on Friday with soybean futures firming, as a fresh export deal highlighted the robust overseas demand for the oilseed and also supported by lingering concerns about dry conditions in Argentina.

The most active corn contract for March delivery fell 0.25 cents, or 0.07 percent, to 3.5625 dollars per bushel. March wheat delivery stayed unchanged at 4.0925 dollars per bushel. January soybeans added 4.25 cents, or 0.41 percent, to 10.2375 dollars per bushel.

Soybean futures settled higher for the second consecutive session, reflecting uncertainty over growing conditions in Argentina, a major U.S. rival for soybean production and export.

Parts of the country have been beset by dry weather, which has sown concerns over reduced crop production there, though forecasts call for rainfall next week that could boost the health of newly-planted crops. If precipitation does not materialize, however, analysts said prices for the oilseeds could swing sharply higher.

Prices for the oilseeds also benefited from positive demand signals. The U.S. Department of Agriculture on Friday said private exporters had sold 205,000 tonnes of soybeans for delivery to unknown destinations during the 2016-17 crop year, adding to optimism over a brisk sales pace for the U.S. crop.

Corn prices closed lower while wheat was flat to slightly higher. Both markets were pressured by huge grain stockpiles, which are forecast to reach nearly 30-year highs next year in the U.S., and hit all-time records worldwide.

Light strength in the wheat market came from frigid temperatures that are forecast for parts of U.S. wheat belt, and could harm dormant crops not yet insulated by a layer of snow. Endit