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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 Tuesday with corn futures rising for a second straight session on a slower-than-average start to planting in the United States and forecasts for Midwest rains that will stall further progress.

Soybean prices retreated after hitting a three-week high in the previous day as government data showed a faster-than-expected pace of new crop plantings.

The most active corn contract for July delivery rose 6.25 cents, or 1.71 percent, to settle at 3.7175 dollars per bushel. July wheat delivery rose 7.75 cents, or 1.85 percent to 4.27 dollars per bushel. July soybeans dropped 6.75 cents, or 0.69 percent, to 9.65 dollars per bushel.

Bearish traders are focused on speedy planting after a government report showed about 17 percent of the corn crop was in the ground as of last Sunday, only 1 percentage point behind the five-year average, according to the Department of Agriculture.

Producers, hedgers, and money managers were concerned leading up to Monday's Crop Progress report that the pace was still well behind normal, but the USDA note dispelled those fears.

Soybeans were 6 percent seeded, double the five-year average, the government said.

Wheat futures rose, led by the spring and hard red winter wheat contracts, as a weakening dollar raised hopes for better U.S. export demand. Slower-than-normal planting further supported spring wheat.

The dollar fell to a fresh 5-1/2-month low against a basket of major currencies, raising the buying power of some importers. Endite