Chicago agricultural commodities futures mixed after key dollar report

GMT 20:17 2015 Saturday ,10 October

Arab Today, arab today Chicago agricultural commodities futures mixed after key dollar report

Chicago Board of Trade
Chicago - XINHUA

Chicago Board of Trade (CBOT) corn, wheat extended losses on Friday, while soybeans rebounded after a key official report released.

The most active corn contract for December delivery declined 8.50 cents, or 2.17 percent, to settle at 3.8275 U.S. dollars per bushel.

December wheat delivery was down 2.25 cents, or 0.44 percent, to close at 5.0925 dollars per bushel. November soybeans gained 4.50 cents, or 0.51 percent, to close at 8.8575 dollars per bushel.

On a weekly basis, corn, wheat fell 1.67 percent and 0.78 percent respectively, while soybeans gained 1.32 percent.

The U.S. Departments of Agriculture (USDA) released the much-awaited Report of World Agricultural Supply and Demand Estimates on Friday.

The USDA raised the U.S. average corn yield by a 0.5-bushel-per acre to 168.0 bushels per acre, which came as a surprise to traders who had anticipated a decline, analysts say.

The report said projected corn production is forecast 30 million bushels lower to 13.56 billion bushels with harvested area lowered while projected U.S. corn usage is unchanged.

Analysts noted that downgrade was smaller than expected and the production was bigger than expected, thus corn futures continued to drop after the report released.

Analysts said that larger-than-expected world ending stocks of wheat was bearish as the report said global wheat supplies for 2015/16 are raised 2.0 million tons.

As for the soybeans, the USDA published a bigger-than-expected downgrade in the report, helping soybeans rebound.

Soybean production is forecast at 3.888 billion bushels, down 47 million bushes, while soybean crush is projected at 1,880 million, up 10 million on higher domestic soybean meal disappearance, according to the report.

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