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Chicago agricultural commodities close mixed

2016-July-28       Source: Xinhuanet.com

Chicago Board of Trade (CBOT) corn futures slid as expectations build that the nation's crop will emerge largely unhurt from a heat wave, while prices for soybeans and wheat rose on Thursday.

Chicago Board of Trade (CBOT) corn futures slid as expectations build that the nation's crop will emerge largely unhurt from a heat wave, while prices for soybeans and wheat rose on Thursday.

The most active corn contract for December delivery fell 3.5 cents, or 1.02 percent, to 3.4075 dollars per bushel. September wheat delivery closed up 4.75 cents, or 1.15 percent, to 4.1775 dollars per bushel. November soybean rose 3.5 cents, or 0.35 percent, to 10.125 dollars per bushel.

Corn price fell for the third day in a row, with good weather for crop development in the U.S. Midwest and poor exports pushing prices to their lowest in nearly two years.

Analysts said selling by commodity fund managers also pressured the corn market, with traders closing out of bets on higher prices as confidence grows that favorable conditions will help corn farmers reap a bountiful crop this fall.

The soy market was supported by signs that overseas buyers were looking to the United States to fill gaps caused by shortfalls in the Argentine crop, traders said.

Short-covering and technical buying pushed wheat higher after the market failed to take out contract lows hit on Wednesday.

Editor: Monica Liu

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