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Chicago agricultural commodities settle mixed – Xinhua

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CHICAGO, July 6 (Xinhua) — Chicago Board of Trade (CBOT) grains futures closed mixed on Thursday with wheat posting nearly four percent losses due to profit-taking.

The most active corn contract for December delivery fell 1.25 cents, or 0.31 percent, to 4.0275 dollars per bushel. September wheat delivery slid 21 cents, or 3.75 percent to 5.39 dollars per bushel. November soybeans went up 5 cents, or 0.50 percent, to 9.9925 dollars per bushel.

CBOT brokers estimated that funds sold 13,000 contracts of wheat, 5,000 contracts of corn, and were nearly flat in soybeans.

The wheat market gave back some of this week’s gains as a result of profit-taking operations. Meanwhile, rain is reportedly arriving in drought-stressed areas of the U.S. northern plains.

Warm and dry weather had sent wheat to new high in the past six consecutive sessions. On Wednesday, ups and downs of the wheat futures had signaled the start of profit-taking, said analysts.

Corn futures also went down following a five-day rise, after the U.S. Department of Agriculture (USDA) reported on Wednesday that 68 percent of the U.S. corn crop had been rated good/excellent, slightly above the 67 rating a week ago.

Soybean futures continued its bullish tendency on Thursday, as traders learned that the latest USDA soybean crop good/excellent rating was at 64 percent, lower than its 66 percent rating a week ago.