Chicago Board of Trade (CBOT) agricultural commodities futures market closed mixed Friday, with wheat, corn rising, soybeans falling amid the recent improvement in projected central U.S. rainfall next week.
The most active corn contract for December delivery gained 0.25 cents, or 0.07 percent, to close at 3.755 U.S. dollars per bushel. September wheat delivery added 3.25 cents, or 0.65 percent, to close at 5.065 dollars per bushel. November soybeans lost 10.5 cents, or 1.13 percent, to close at 9.165 dollars per bushel.
Soybean futures retreated from the previous rally amid rising U. S. soybean stocks caused by factors including dimmer export outlook. As of Aug. 6, U.S. export sales commitments of soybeans for 2015/16 totaled 356 million bushels. "This is the lowest sales pace in 7 years and down 47 percent from a year earlier, "said the U.S. Department of Agriculture (USDA) in a report Friday.
Chicago wheat ended higher in the day, helped by light buying after prices sank earlier this week. Analysts said traders believed selling in the wheat market had been overdone, given the USDA forecasts for a smaller-than-expected U.S. crop this year.
Corn fluctuated between gains and losses during the session, and ultimately closed higher as concerns about whether extremely rainy weather late next week would damage corn crops, which added some support.
For the week, the most active corn contract for December delivery lost 2.15 percent, September wheat shed 0.78 percent, while November soybeans dropped by 4.85 percent.