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Chicago agricultural commodities settle mixed

Xinhua, May 17, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed mixed on Wednesday while a weakening dollar would boost the competitiveness of U.S. grains at world market.

The most active corn contract for July delivery rose 3.75 cents, or 1.02 percent, to 3.715 dollars per bushel. July wheat delivery was up 2.75 cents, or 0.65 percent, to close at 4.27 dollars per bushel. July soybeans fell 0.5 cent, or 0.05 percent, to 9.7575 dollars per bushel.

The U.S. dollar index fell by 0.59 percent to 97.42 as of 1815 GMT. A tumbling dollar, which enables international traders to buy U.S. grains at a relatively cheaper price with other currencies, has pushed up the futures of CBOT corn and wheat.

The support also came from short-covering operations, said analysts.

Meanwhile, the news that Egypt has just secured a massive 295,000 metric tons of wheat from the U.S., Russia, Ukraine and Romania also gave additional support to the wheat market.

The U.S. soybeans, however, posted a minor loss at close, following a big rally the previous day. Endit