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Chicago soybeans up, corn, wheat down

08-25-2012 06:52 BJT

CHICAGO, Aug. 24 (Xinhua) -- Chicago soybean futures rose Friday thanks to ideas of strong crop demand, while corn and wheat futures fell as a higher dollar pressured trading and recent high crop prices hindered U.S. exports.

The most active corn contract for December delivery fell 6.25 cents, or 0.77 percent, to close at 8.085 dollars per bushel. December wheat decline 6.25 cents, or 0.7 percent, to settle at 8. 885 dollars per bushel. November soybeans rose 16.5 cents, or 0.96 percent, to close at 17.315 dollars per bushel.

Outside market forces were mixed Friday, as the session saw strong gains in U.S. equities, weakness in crude oil and strengthening of the greenback. A higher dollar pressures agricultural commodities, as it makes them more expensive for holders of other currencies.

The adverse currency action heaped pressure upon the corn and wheat markets, which both extended their losing streaks to three straight sessions.

Corn and wheat also suffered from ideas of low demand, as this summer's drought conditions have pushed crop prices to record highs. The high prices diminish the appeal of corn and wheat on the international scene, where buyers can alternatively turn to cheaper producers such as Brazil.

Traders, however, continue to monitor next week's weather forecasts, worrying about the damaging effects of approaching tropical storm Isaac. Some showers are predicted for the Midwest wheat-producing regions, taking away some support from weather concerns.

Unlike the other grains, soybeans were able to rise on the session, as strong demand for the U.S. crop continues to push exports. Hot and dry weather conditions have also dramatically reduced the U.S. crop yield, adding further support to the soybean market.

Editor:James |Source: Xinhua

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