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Chicago agricultural commodities close higher

Xinhua, January 13, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settled higher on Thursday with CME Group's farm futures jumping double-digits on soybeans, corn dropped and wheat traded slightly higher on the United States Department of Agriculture (USDA) data.

The most active corn contract for March delivery rose 1 cent, or 0.28 percent, to 3.58 25 dollars per bushel. March wheat delivery rose 7.5 cents, or 1.79 percent, to 4.2625 dollars per bushel. March soybeans dropped 17.75 cents, or 1.75 percent, to 9.9475 dollars per bushel.

The U.S. farmers had a smaller haul in the fall of 2016 than first thought, according to the USDA Thursday.

In its January Crop Production and Supply/Demand Reports, the USDA data shows the U.S. 2016/17 corn production at 15.148 billion bushels vs. the USDA's November estimate of 15.226 billion bushels and the average analysts' estimate of 15.19 billion.

The U.S. corn yield is pegged at 174.6 bushels per acre compared with the USDA's November estimate of 175.3 bushels per acre.

For soybeans, the U.S. 2016/17 production is pegged at 4.307 billion bushels vs. the USDA's November estimate of 4.361 billion and the average analysts' estimate of 4.374 billion.

USDA's soybean yield estimate of 52.3 bushels per acre is below its November estimate of 52.5 bushels per acre and the average analysts' estimate of 52.7 bushels per acre.

On Thursday, the USDA pegged the U.S. All Winter wheat seedings for 2017 harvest at 32.40 million vs. the average analysts' estimates of 34.13 million. This is the lowest in 50 years.

In the outside markets, the Brent crude oil market is 0.87 dollar per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 60 points lower at 19,893 points.

Sal Gilbertie, Teucrium Trading founder, says that the report shows adequate supplies of all grains are confirmed in this report.

"But, the corn and soybean markets do not seem entirely comfortable with reduced supply estimates, and wheat prices are holding even with record large current inventories, undoubtedly due to U.S. Winter Wheat plantings 10 percent lower than last year," Gilbert says. Endit