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Chicago corn, wheat fall while soybeans rise

English.news.cn   2013-02-22 06:43:12            

CHICAGO, Feb. 21 (Xinhua) -- Chicago agricultural commodity futures were traded mixed Tuesday, with corn and wheat prices down while the price of soybeans up on positive export demand.

The most active corn contract for March delivery fell 9.75 cents, or 1.39 percent, to close at 6.9075 dollars per bushel. May wheat fell 21.25 cents, or 2.85 percent, to settle at 7.24 dollars per bushel. March soybeans rose 5 cents, or 0.34 percent, to close at 14.8775 dollars per bushel.

According to Chicago Mercantile Exchange (CME), March corn traded sharply lower on the day after reporting slightly negative ethanol production data and on a sharply lower trade in the wheat markets. Ethanol production for the week ending Feb. 15 averaged 797,000 barrels per day, up 1 percent compared with last week but down 13.28 percent versus last year.

Chicago wheat traded sharply lower after seeing mixed demand side data and poor technical signals.

The U.S. Department of Agriculture reported that U.S. exporters sold 110,000 tonnes of Chicago wheat to an unknown destination. It was also reported that Iraq bought 300,000 tonnes of Australian wheat, which suggests buyers still have other options for their needs around the world.

March soybeans traded slightly higher into the closing bell. The U.S. dollar was sharply higher, which limited gains along with negative action in the corn and wheat markets. It was reported that U.S. exporters sold 130,450 tonnes of soybeans to unknown destinations. The sale was split between the 2012-13 and 2013-14 crop year.

Editor: yan
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