CHICAGO, Aug. 8 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures closed mixed on Tuesday with soybean futures buoyed by worries about dry weather in parts of the U.S. Midwest and reminders of strong export demand from China.
Corn futures fell, losing ground to soybeans on inter-market spreads, while wheat sagged on technical buying and sluggish export prospects.
The most active corn contract for December delivery fell 3 cents, or 0.78 percent, to 3.8375 dollars per bushel. September wheat delivery edged down 6.5 cents, or 1.4 percent to 4.57 dollars per bushel. November soybeans added 3.5 cents, or 0.36 percent, to 9.7375 dollars per bushel.
Mike North, Commodity Risk Management Group analyst, said that the soybean complex is benefitting from bullish news. He thought soybeans are rising on dry weather forecasts and ongoing export sales.
China imported a record 10.1 million tonnes of world soybeans in July with the crop year total pace exceeding the U.S. Department of Agriculture annual forecast of 91 million tonnes with just 8 million tonnes needed to be taken in August and September.
CBOT brokers estimate that funds have sold 4,200 contracts of wheat, 6,600 contracts of corn while buying 2,100 contracts of soybeans. In soy products, funds have bought 1,000 contracts of soymeal and 2,600 contracts of soyoil. Enditem
