Chicago agricultural commodities settle mixed
October 5, 2016 10:57 am
CHICAGO, Oct. 5 — Chicago Board of Trade (CBOT) grains futures close mixed on Tuesday, with soybean prices falling as an accelerating US harvest shifted attention back toward the prospect of record production, corn edged higher while wheat prices staying unchanged.
The most active corn contract for December delivery rose 2.25 cents, or 0.65 percent, to USD3.4825 per bushel. December wheat delivery stayed unchanged at USD3.955 per bushel. November soybeans fell 9.5 cents, or 0.98 percent, to USD9.635 per bushel.
Corn edged higher, supported by short-covering in spread trades against soybeans, while wheat finished flat, held in check by technical selling and ample US Supplies.
The US soybean harvest was 26 percent complete as of Sunday, ahead of the trade estimates' average of 25 percent but behind the five-year average of 27 percent, the US Department of Agriculture (USDA) said after the market closed on Monday.
USDA also said 74 percent of US soybeans were in good or excellent shape, up one percentage point from a week ago.
Soybeans faced further pressure from favorable overnight rains in northern Brazil, where planting is underway, said Bill Nelson, soybean and products analyst at Doane Advisory Services.
US soybean export prospects were boosted by news that Argentina will not reduce export taxes this year or next as previously promised.
USDA said the US corn harvest was 24 percent complete by Sunday, behind the trade estimates' average of 25 percent and the five-year average of 27 percent. It said the US winter wheat crop was 43 percent planted, behind the five-year average of 45 percent and analysts' average expectation of 47 percent. (PNA/Xinhua)