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Chicago corn, wheat rebound while soybeans fall further

05-04-2012 09:29 BJT

CHICAGO, May 3 (Xinhua) -- Chicago corn and wheat edged up Thursday while soybeans extended their losing streak to three sessions, as general negativity dominated markets and traders worried that Chinese soybean demand might slow in the coming future.

The most active corn contract for July delivery rose three cents, or 0.49 percent, to close at 6.145 U.S. dollars per bushel. July wheat edged up one cent, or 0.16 percent, to settle at 6.155 dollars per bushel. July soybeans fell 11.5 cents, or 0.77 percent, to close at 14.735 dollars per bushel.

Thursday saw a distinctly negative atmosphere across the financial markets, U.S. equities, crude oil and gold all dropping sharply after disappointing jobs data from the Institute for Supply Management.

Also adding to negative outside market forces Thursday was a stronger dollar, which makes commodities in general more expensive to holders of other currencies. The Intercontinental Exchange (ICE) dollar index, which measures the greenback against six other currencies, traded at 79.24, up from 79.151 in late North American trading on Wednesday.

The agricultural commodities markets further suffered from a bearish weather forecast. Next week's forecast of warm and wet weather for the U.S. Midwest was seen as a negative force, as traders have already voiced concern over the potential for especially high crop yields for spring corn and winter wheat.

Despite these odds, corn and wheat were still able to end the session slightly up. Wednesday's steep selloff in the grains seemed somewhat exaggerated to some traders, and they took Thursday as an opportunity for short-cover buying.

Corn also took some support from high export demand, with the combined weekly sales totaling the highest since 1991. Total weekly corn exports registered at 3.472 million tones.

Soybeans failed to recover from concerns first raised earlier in the week that the market is overbought, and such negativity extended Wednesday's sharp drop.

The soybean market also saw some talk from traders that Chinese demand for soybeans could decline in the future. For now, private exporters reported China bought 232,000 tones of U.S. soybeans for the 2012-2013 season.

Editor:Wang Lingfei |Source: Xinhua

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