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Chicago agricultural commodities close mixed

Xinhua, January 14, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle mixed on Friday with soybean futures rising on follow-through buying on the U.S. Agriculture Department's surprise cut to its domestic production estimate and ending stocks on Thursday.

The most active corn contract for March delivery rose 0.25 cents, or 0.07 percent, to 3.585 dollars per bushel. March wheat delivery fell 0.25 cents, or 0.06 percent, to 4.2625 dollars per bushel. March soybeans added 6 cents, or 0.58 percent, to 10.4625 dollars per bushel.

Soymeal led soybeans higher on concerns that forecasts for more rain in Argentina could limit the size of the soybean crop in the worlds top soymeal exporter.

Signs of persistently strong export demand for U.S. supplies helped turn soybeans higher.

The U.S. Agriculture Department said early Friday that private exporters reported the sale of 132,000 tonnes of soybeans for delivery to unknown destinations.It was the first flash sale of U.S. soybeans since Dec. 21.

Wheat was lifted by a smaller-than-expected estimate of U.S. winter wheat sowings, which the USDA pegged at the lowest level in more than a century.

A flurry of export activity on Friday highlighted global demand for high-protein supplies of wheat.

Turkey's state grain board TMO purchased 99,000 tonnes of European Union-origin wheat. Tunisia's state grains agency bought around 100,000 tonnes of durum wheat and South Korea's Major Feedmill Group purchased about 60,000 tonnes of feed wheat.Egypt, the world's top buyer of wheat, tendered for supplies after the market closed.

In the outside markets, the Brent crude oil market is 0.59 dollar per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 23 points lower at 19,867 points.

Alan Brugler, President Brugler Marketing & Management LLC, says that the outside investors may have their foot on the soybean 'gas.'

"Funds are long beans, got a good rally going in meal, which supports product value of the beans. There is a little bit of commodity price inflation betting going on, also. Chart buy signals after yesterday's rally out of a basing formation," Brugler says.

The CME Group Exchange markets will be closed Monday, January 16, 2017, in recognition of Martin Luther King Jr. Day. Trading resumes, electronically, on Monday night. Endit