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Chicago agricultural commodities settle mixed

Xinhua, May 10, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed mixed on Wednesday with corn futures rising nearly 2 percent after the U.S. Department of Agriculture (USDA)'s forecast for global inventories fell below trade expectations.

Soybean futures hit a six-week high after the USDA's reports were released, buoyed by the government's forecast for a smaller-than-expected rise in domestic ending stocks for 2017/18 marketing year. But the market turned down as traders shifted their attention to rising global inventories. Wheat was modestly higher at midsession.

The most active corn contract for July delivery added 7.25 cents, or 1.98 percent, to settle at 3.7375 dollars per bushel. July wheat delivery rose 2.25 cents, or 0.52 percent, to close at 4.3175 dollars per bushel. July soybeans fell 3.75 cent, or 0.39 percent, to 9.7025 dollars per bushel.

Corn futures advanced after the USDA's first official supply and demand forecasts for the 2017/18 marketing year pegged world corn ending stocks at 195.27 million tonnes.

The USDA projected U.S. 2017/18 soybean ending stocks at 480 million bushels, well below the average pre-report trade estimate of 563 million. But on the global front, the USDA raised its forecast of 2016/17 soybean ending stocks to 90.1 million tonnes, topping a range of trade estimates.

Wheat futures were modestly higher but trade was choppy. The USDA forecast global wheat ending stocks in 2017/18 at 258.29 million tonnes, above a range of trade expectations.

But the government's initial estimate of U.S. winter wheat production, at 1.246 billion bushels, fell below the average trade estimate of 1.293 billion. Endit