Chicago soybeans, wheat retreat on profit-taking, corn edges higher

GMT 22:51 2016 Thursday ,14 April

Arab Today, arab today Chicago soybeans, wheat retreat on profit-taking, corn edges higher

Chicago Board of Trade
Chicago - XINHUA

Chicago Board of Trade (CBOT) agricultural commodities closed mixed Thursday, with soybean, wheat futures falling in the wake of the previous big rally as investors took their profit, and corn eking out slight gains.

Chicago soybeans led the losses as the most active soybean contract for May delivery lost 7.75 cents, or 0.81 percent, to close at 9.48 dollars per bushel. May wheat delivery dropped 1.75 cents, or 0.38 percent, to close at 4.5975 U.S. dollars per bushel. Corn for May delivery added 0.5 cent, or 0.13 percent, to close at 3.74 U.S. dollars per bushel.

Soybean prices on Thursday snapped a four-session winning streak, as investors added selling in the market after the prices rallied in the previous day to a new high in eight months. Analysts also noted that Brazilian soymeal export prices dropped to new lows, weighing on U.S. soybeans.

The U.S. Department of Agriculture(USDA) said Thursday in its weekly export sales report that for the week ending April 7, the United States witnessed exports of soybean rising by 27 percent from the previous week, but going down by 21 percent from the prior four-week average.

Corn export sales were down 11 percent from the previous week and 3 percent from the prior four-week average, while wheat exports were down 21 percent from the previous week and 18 percent from the prior four-week average, according to the report.

U.S. wheat futures pulled back for the day, snapping a two-day winning streak, pressured by weak export demand and improving weather across the U.S. western Plains where part of U.S. winter wheat belt has suffered from dryness. The Global Forecast System reported rainfall across the U.S. Plains is forecasted from Saturday into Tuesday.

Chicago corn futures extended gains to a third straight session Thursday amid concerns that dryness in Brazil would damage output of some corn crops.

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