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Chicago agricultural commodities mixed Tuesday

15 November 2012 01:25 (UTC +04:00)

Baku-APA. Chicago corn and soybeans kept climbing Tuesday thanks to positive demand data, while wheat futures dropped modestly, APA reports quoting Xinhua.

The most active corn contract for December delivery rose 2.25 cents, or 0.31 percent, to close at 7.2575 dollars per bushel. December wheat edged down 2.25 cents, or 0.26 percent, to settle at 8.4875 dollars per bushel. January soybeans gained 11 cents, or 0.78 percent, to close at 14.19 dollars per bushel.

The corn market found support from a stronger soybean market and on rumors that a significant amount of corn may have been sold to Mexico, though the news was not confirmed.

But a strong increase in corn exports from South America has imposed certain pressure on the U.S. corn market, which has further been dragged down by a slow export pace by the U.S exporters so far this year.

Wheat futures closed the session with modest losses on negative demand data and profit taking. And wheat's miss-out on significant amounts of export business is also negative to price direction in a short term.

The losses were nevertheless limited thanks to the Weekly Winter Wheat Conditions report showing 36 percent of the crop was rated good-to-excellent compared to 39 percent last week and 50 percent last year, a new low for this time of year, while poor-to- very poor conditions jumped from 19 percent last week to 22 percent this week.

Additionally, there were also talks that Jordan and Syria bought wheat overnight from the Black Sea.

Soybeans traded higher on positive demand data. The National Oilseed Processors Association (NOPA) put its crush at 153.54 million bushels in October Wednesday, as against 119.73 million bushels in September, which was well above market expectations. The U.S. Department of Agriculture (USDA) also announced that private U.S. exporters sold 120,000 tones of soybeans to China for the 2012/13 crop year, and the U.S. exporters sold 40,000 tones of soybean oil to an unknown destination for the same crop year.