CHICAGO, (PNA/Xinhua) — Chicago agricultural commodity futures were traded higher Friday, mostly supported by positive export sales.
The most active corn contract for December delivery rose 7.25 cents, or 1.57 percent, to close at US.6825 per bushel. December wheat advanced 7.5 cents, or 1.17 percent, to settle at US$ 6.4775 per bushel. November soybeans rose 0.25 cents, or 0. 02 percent, to close at US$ 13.6775 per bushel.
Chicago Mercantile Exchange (CME) quoted a well-known private grains analyst as saying that the U.S. corn yield for 2013-14 was estimated at 157.2 bushels per acre, down from their prior forecast of 158.6, but up from the August U.S. Department of Agriculture (USDA) forecast of 154.4 bushels.
Production was estimated at 14.013 billion bushels, down from 14.14 billion previously and up from the current USDA forecast of 13.763 billion bushels, according to CME.
Wheat futures traded higher and led the grain markets to the upside for a good part of the session. As of Aug. 29, net weekly export sales came in at 668,400 tons for the current marketing year and 79,000 for the next marketing year, for a total of 747, 400 tons. Sales were up a whopping 21 percent from the previous week and 18 percent from the four week average.
The soybean market traded both sides of the unchanged with early strength and midday weakness. Export sales were supportive for the new crop year but weather and an uncertain supply outlook were the main focus for the market heading into the weekend. Net weekly export sales for soybeans came in at 5,000 tons for the current marketing year and 844,100 for the next marketing year, for a total of 849,100 tons.