Chicago wheat extends losses as export condition worsen; corn, soybeans rebound

Chicago Board of Trade (CBOT) soybeans rebounded with the help of an export sale, corn also settled higher, wheat, however, extended losses as the export condition worsens.

The most active corn contract for December delivery gained 1.5 cents, or 0.36 percent, to close at 4.175 U.S. dollars per bushel. September wheat delivery fell 8 cents, or 1.5 percent, to close at 5.2475 dollars per bushel. November soybeans added 5.25 cents, or 0.53 percent, to close at 10.0475 dollars per bushel.

Private exporters reported export sales of 110,000 metric tons of soybeans for delivery to unknown destinations during the 2015/ 2016 marketing year, a press release from the United States Department of Agriculture(USDA) said on Tuesday. Analyst noted that this helped soybeans rebounded Tuesday. The USDA said in its weekly Crop Progress Report Monday after CBOT settled that the soybean rating was 62 percent good or excellent, same as previous week, but lower than last year. Analysts noted that this was also good for price of soybeans futures as some investors had expected an increase before. In the same report, corn rated "good" or "excellent" was 69 percent, also same as the previous week but lower than last year. Analysts also said that the weaker dollar also weighed helped corn and soybeans settle higher Tuesday. Some agriculture media of United States reported that the Egypt grain authority purchased 175,000 tons of wheat in its new wheat tender of 2015-16 from Russia, not the United States, on Tuesday. Analysts said that this pressed wheat fall further on Tuesday as Egypt used to a big importer of U.S. wheat.

While in the USDA weekly Crop Progress Report, Spring wheat headed was 96 percent in the week of July 19, higher than previous week and the average of previous five years, spring wheat rated good" or "excellent" was 70 percent, same as previous year and only 1 percent lower than last week; winter wheat harvested 75 percent ,higher than last week and five-year average. Some analysts said that these datas also give some pressure on wheat Tuesday as more wheat are expected to be sold on the market. Enditem