Better-than-expected export sales send CBOT soybeans higher

CHICAGO, April 12 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Thursday with soybeans surging over better-than-expected export sales.

The most active corn contract for May delivery rose 1.75 cents, or 0.45 percent to settle at 3.8875 dollars per bushel. May wheat delivery went down 6.25 cents, or 1.28 percent to close at 4.81 dollars per bushel. May soybeans were up 13 cents, or 1.24 percent to settle at 10.6075 dollars per bushel.

CBOT floor brokers reported that funds bought 4,500 contracts of corn, 5,000 contracts of soybeans, while selling 5,500 contracts of wheat.

The U.S. Department of Agriculture (USDA) released on Thursday its weekly export sales report for the period of March 30 to April 5, which showed soybean sales beat expectations, corn within and wheat below expectations.

The USDA reported export sales of 2,464,500 metric tons of soybeans, while the trade's expectation was between 800,000-1,700,000 metric tons.

The wheat sales stood at 188,700 metric tons with the trade's expectation of between 250,000-650,000 metric tons.

Recently lowered estimates of U.S. soybean ending stocks and decreased Argentine crop projection offered additional support to the soybean prices.

Meanwhile, improved weather forecasts with rain for the central U.S. plains and sharply rising temperatures for the Midwest gave more pressure on CBOT wheat futures, said market analysts. Enditem