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Chicago agricultural commodities settle mixed

Xinhua, April 3, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed mixed on Monday with soybean futures dipping to a new low since last mid-April.

Corn and wheat futures continued to rise as a result of a recent projection that U.S. farmers would plant less corn, wheat and switch to soybean.

The most active corn contract for May delivery rose 3.5 cent, or 0.96 percent, to 3.6775 dollars per bushel. May wheat delivery up 1.25 cents, or 0.29 percent, to 4.2775 dollars per bushel. May soybeans fell 7.75 cents, or 0.82 percent, to 9.3825 dollars per bushel.

The U.S. Department of Agriculture reported last Friday that American farmers would plant less acres of corn, wheat and more of soybean this year. The traders on Monday obviously went on to respond to the projection.

Corn futures were also supported by the favorable U.S. Midwest weather and potential for harvest delays in Argentina, said Jack Scoville, a senior market analyst with the Price Futures Group.

Meanwhile, the rise of wheat futures, was partially due to short covering, he added. Endit