|
CHICAGO, Oct. 25 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures settle mixed on Tuesday, with wheat and corn futures narrowly higher as traders covered short positions after prices for each crop fell to the lowest levels in more than a week.
The most active corn contract for December delivery rose 1 cent, or 0.29 percent, to 3.4925 dollars per bushel. December wheat delivery added 1.75 cents, or 0.43 percent, to 4.0425 dollars per bushel. November soybeans fell 1.25 cents, or 0.13 percent, to 9.9075 dollars per bushel.
Wheat prices closed higher for the first time in four sessions, bolstered in part by an international tender by Egypt, the world's largest grain buyer, which fueled optimism over world demand for the crop.
Prices for wheat have fallen recently due to huge grain supplies in the U.S. and overseas. At the same time, a stronger U.S. dollar has limited U.S. wheat exports by making them more expensive for foreign importers.
Corn prices also ticked higher, shored up in part by rising wheat prices. The two grains often trade in tandem and compete for space in animal-feed rations. Still, gains in the market were capped by big domestic corn inventories and data showing the U.S. harvest has caught up to normal pace after lagging earlier in the season.
According to the U.S. Department of Agriculture, the nation's corn harvest is 61 percent complete, which is nearly on par with the average pace of 62 percent for the past five years.
Soybean prices fell early in the session, declining in part due to pressure from a steep drop in Malaysian palm oil futures. But soybeans rallied after the U.S. Department of Agriculture at midmorning said China bought 516,000 tonnes of U.S. Soybeans.
Still, falling prices for soyoil weighed on the soybean market. Rising prices for the vegetable oil have recently helped prop up soybean prices, but a 0.5 percent decline in soyoil prices on Tuesday allowed soybeans to leak lower too.
