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Chicago agricultural commodities settle mixed

Xinhua, April 25, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed mixed on Monday with soybean futures touching a three-week high on short-covering, as a weaker U.S. dollar raised hopes for fresh export sales.

Corn futures edged higher on support from fund short-covering and worries over a slow start to spring planting, while wheat declined on abundant stocks.

The most active corn contract for July delivery rose 1.75 cents, or 0.48 percent, to settle at 3.6555 dollars per bushel. July wheat delivery dropped 1.75 cents, or 0.42 percent to 4.1925 dollars per bushel. July soybeans added 11 cents, or 1.14 percent, to 9.7175 dollars per bushel.

In the outside markets, the Brent crude oil market is 0.42 dollar per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 242 points higher.

Jason Roose, U.S. Commodities grain analyst, says that the grains are trading mixed Monday on a mixed weather outlook.

"Even though the southern states, Illinois and Nebraska will be above average for planting, the other states are behind average which will support the corn short term. Also, the weak dollar and strong exports are giving the corn and beans mild support today," Roose says.

The U.S. Department of Agriculture's weekly crop progress report is expected to show U.S. corn planting was 15 percent complete as of Sunday.

The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, increased net short positions in CBOT wheat and soybeans. Endit