CHICAGO, (PNA/Xinhua) — Chicago agricultural commodities closed mixed Thursday, with corn slipping and wheat and soybean rising.
The most active corn contract for December delivery dropped 6. 25 cents, or 1.32 percent, to close at 4.6625 dollars per bushel. December wheat climbed 5 cents, or 0.77 percent, to close at 6.53 dollars per bushel. November soybeans gained 37.75 cents, or 2.78 percent, to close at 13.96 dollars per bushel.
December corn dropped Thursday on negative U.S. Department of Agriculture (USDA) report, which put U.S. ending stocks of corn for 2013-14 at 1.855 billion bushels, up from 1.837 billion bushels in August and from trader estimates of 1.732 billion bushels; planted acreage unchanged at 97.4 million acres; the national average yield at 155.3 bushels per acre, up from 154.4 bushels in August; and total production at 13.843 billion bushels, up from 13.763 billion bushels in August. World ending stocks came at 151.42 million tonnes for the 2013-14 marketing year, up from August estimate of 150.17 million tonnes. Corn production in Argentina was estimated at 26 million tonnes in 2013-14, down one million tonnes from August.
December wheat rose Thursday on strong buying. USDA report estimated 2013-14 U.S. wheat carryout at 561 million bushels, up from August estimate of 551 million bushels; and raised wheat export demand by 93 million bushels to 1.1 billion bushels. World ending stocks of wheat for 2013-14 came at 176.28 million tonnes, up from August estimate of 172.99 million tonnes. The Black Sea, Canada, and the European Union all reported wheat production increases.
November soybean traded sharply higher Thursday on supportive USDA report. The report put 2013-14 U.S. ending stocks of soybean at 150 million bushels, much lower than August estimate of 220 million bushels; planted acreage at 77.2 million acres; the national average yield at 41.2 bushels per acre, down from 42.6 bushels in August; total production for 2013-14 at 3.149 billion bushels, down from August estimate of 3.255 billion bushels; and 2012-13 carryout at 125 million bushels. World ending stocks for 2013-14 were estimated at 71.5 million tonnes, down from August estimates of 72.27 million tonnes.