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Chicago agricultural commodities settle mixed

Xinhua, February 14, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures close mixed Monday with wheat futures rallying for the fifth day in a row as investment funds continue to add the grain to their portfolio despite ample global supplies.

Corn futures also firmed on a technical bounce and signs of strong demand for U.S. supplies.

But soybeans eased, weighed down by improving conditions for growth in South America that fuelled expectations for a massive harvest in key exporters Argentina and Brazil.

The most active corn contract for March delivery rise 1 cents, or 0.27 percent, to 3.755 dollars per bushel. March wheat delivery rose 3.25 cents, or 0.72 percent, to 4.5225 dollars per bushel. March soybeans dropped 4.75 cents, or 0.45 percent, to 10.5425 dollars per bushel.

Wheat's five-session winning streak was the longest in two months.

The Australian Bureau of Agriculture, Resource Economics and Rural Sciences said the country's 2016/17 wheat harvest was a record 35.13 million tonnes.

The U.S. Agriculture Department(USDA) on Monday morning reported weekly corn export inspections of 1.256 million tonnes, up from 1.124 million tonnes a week ago. The weekly total topped trade forecasts for 900,000 to 1.1 million tonnes.

USDA also said private exporters reported a flash sale of 101,600 tonnes of corn to unknown destinations for delivery during the 2016/17 marketing year.

Gains were kept in check by plentiful stocks, both domestically and globally.

"Balance sheets remain heavy, particularly among the main exporting countries, and that there is no major concern for the 2017 crops for the moment," French consultancy Agritel said in a note. Endit