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Chicago agricultural commodities close mixed

Xinhua, December 31, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle mixed on Friday with corn, wheat futures finishing the last trading day of the year on a high note.

The most active corn contract for March delivery rose 2.25 cents, or 0.64 percent, to 3.52 dollars per bushel. March wheat delivery added 3.25 cents, or 0.8 percent, to 4.08 dollars per bushel. January soybeans fell 8.75 cents, or 0.86 percent, to 10.04 dollars per bushel.

Wheat futures are lifted by a setback in the dollar, which in theory makes U.S. grains

more competitive, and strong weekly exports.

The U.S. Department of Agriculture reported export sales of old-crop wheat in the latest week at 568,000 tonnes, above a range of trade expectations for 200,000 to 500,000 tonnes.

However, large U.S. and global grain supplies continue to hang over the wheat and corn markets, limiting rallies. The USDA and the International Grains Council have estimated record world wheat production in 2016/17.

Soybeans also have drawn support from other oilseed markets, including Malaysian palm oil futures, which rose 25 percent over 2016 to notch up their biggest annual gain since 2010.

In the outside markets, the Brent crude oil market is 0.15 dollar per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 62 points lower at 19,765 points.

Jack Scoville, The PRICE Futures Group's senior market analyst, says that the bearish USDA Weekly Export Sales report pressured the market early, but a falling dollar is helping.

"I think beans moved a bit lower on the export sales, which were not that bad, but corn and wheat liked the sales and the weaker U.S. dollar." Scoville said. Endit