Chicago corn, wheat fall while soybeans rise
Last Updated: 2013-09-06 07:22 | Xinhua
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Chicago agricultural commodity futures were traded mixed Thursday, with corn and wheat prices down while soybeans prices going up on supportive export sales.

The most active corn contract for December delivery fell 8.5 cents, or 1.81 percent, to close at 4.61 dollars per bushel. December wheat fell 6 cents, or 0.93 percent, to settle at 6.4025 dollars per bushel. November soybeans rose 15 cents, or 1.11 percent, to close at 13.675 dollars per bushel.

According to Chicago Mercantile Exchange, corn futures traded lower as traders returned to buying soybeans and selling corn. There are reports of early corn being harvested in U.S. Midwest states of Nebraska, Illinois, Indiana.

Wheat futures traded lower in tandem with the weaker trade in corn market. The United Nations Food and Agriculture Organization raised their estimate for world wheat production to 710 million tonnes, compared with the U.S. Department of Agriculture (USDA) forecast of 705.38 million tonnes, both record highs.

Soybean futures traded lower overnight but managed to finish higher on the day. Yield estimates are mostly coming in between 39. 5-41.5 bushels per acre, down from the USDA forecast of 42.6 bushels per acre. China has been absent from the market this week but export sales to China so far have been explosive.

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