Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures finished mixed Thursday, with Soybean futures closing well above session lows as technical buyers stepped into the market after profit-taking sparked an early sell-off.
Wheat and Corn futures firmed on short-covering, recovering from early dips into negative territories.
The most active Corn contract for December delivery was up 2.25 cents, or 0.66%, to 3.42 bu.
December wheat delivery rose 1.25 cents, or 0.28%, to 4.4425 bu.
November soybeans fell 1.5 cents, or 0.15%, to 10.145 bu.
Expectations that US growers this year will harvest the biggest Corn crop in history capped gains in the market, while projections for massive domestic stockpiles also weighed on prices.
Federal forecasters estimate that US Corn reserves in MY 2016-17 will top 2-B bu, marking a 41% increase from the current season.
But USDA’s weekly export report Thursday morning came in as expected and did not provide the fresh fuel that traders said the Soybean market needed to spur more gains, traders said. The report showed old-crop export sales in the latest week totaled 177,900 tonnes and new-crop export sales 1.598-M tonnes.
Corn, which notched its 5th straight higher close, was consolidating after recovering from 7-year lows hit last Friday. USDA also issued a forecast for record Corn production last week.
Wheat also ticked higher but market strength remained capped by big harvests in exporting countries in North America and the Black Sea region.