Home Agribusiness Chicago agricultural commodities settle mixed

Chicago agricultural commodities settle mixed

623
0
SHARE

Chicago Board of Trade (CBOT) grains futures closed mixed on Friday with corn futures firmed on light short-covering ahead of the weekend and uncertainty about planting weather in the Midwest.

The most active corn contract for July delivery rose 1.75 cents, or 0.47 percent, to settle at 3.71 dollars per bushel. July wheat delivery fell 1 cents, or 0.23 percent, to close at 4.3275 dollars per bushel. July soybeans fell 3.25 cent, or 0.34 percent, to 9.63 dollars per bushel.

Corn rose as some forecasts added more moisture for next week, at a time when U.S. farmers are trying to finish planting following rain delays in recent weeks, and flooding in portions of the southern Midwest.

CBOT soybeans were pressured by increased estimates of South America’s harvest. Brazil’s statistics agency Conab on Thursday raised its estimate of the country’s 2016/17 crop to a new record of 113 million tonnes, from 110.2 million last month.

Wheat futures were little changed in choppy trade. Plentiful global supplies continue to cap rallies, but the market drew underlying support from excessive moisture in the U.S. Plains and Midwest that has threatened winter wheat production potential.