Chicago Board of Trade (CBOT) grains futures closed mixed on Monday with soybean falling sharply due to profit-taking and better crop expectations in the U.S. Midwest.
The most active corn contract for December delivery rose 0.25 cent, or 0.07 percent, to 3.5375 dollars per bushel. December wheat delivery went up 4.5 cents, or one percent, to 4.54 dollars per bushel. November soybeans declined by 13 cents, or 1.32 percent, to 9.7125 dollars per bushel.
CBOT brokers reported that funds sold 6,000 contracts of soybeans, and bought 3,000 contracts of corn and 3,500 contracts of wheat.
Soybeans gave back much of Friday's rally as profit-taking prevailed amid talks about higher-than-expected yields this fall in the U.S. Midwest.
Heat and dryness seemed to have badly influenced the Australian wheat crop. Market analysts have dropped their 2017/18 Australian wheat crop estimate to 18 million metric tons, down from the prior estimate of 22.5 million metric tons by the U.S. Department of Agriculture.
They added that if the extreme weather pattern persists for another two weeks, a further drop of yields could not be ruled out.
The wheat futures, both in Chicago and Paris, were also pushed up by the rise of Russian wheat prices last week.
Meanwhile, the prices of corn were almost unchanged on Monday, recording only a quarter cent rise.
The most active corn contract for December delivery rose 0.25 cent, or 0.07 percent, to 3.5375 dollars per bushel. December wheat delivery went up 4.5 cents, or one percent, to 4.54 dollars per bushel. November soybeans declined by 13 cents, or 1.32 percent, to 9.7125 dollars per bushel.
CBOT brokers reported that funds sold 6,000 contracts of soybeans, and bought 3,000 contracts of corn and 3,500 contracts of wheat.
Soybeans gave back much of Friday's rally as profit-taking prevailed amid talks about higher-than-expected yields this fall in the U.S. Midwest.
Heat and dryness seemed to have badly influenced the Australian wheat crop. Market analysts have dropped their 2017/18 Australian wheat crop estimate to 18 million metric tons, down from the prior estimate of 22.5 million metric tons by the U.S. Department of Agriculture.
They added that if the extreme weather pattern persists for another two weeks, a further drop of yields could not be ruled out.
The wheat futures, both in Chicago and Paris, were also pushed up by the rise of Russian wheat prices last week.
Meanwhile, the prices of corn were almost unchanged on Monday, recording only a quarter cent rise.
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