Arab Today, arab today chicago grains mixed with demand issues weaker us dollar
Last Updated : GMT 06:13:17
Arab Today, arab today
Arab Today, arab today

Chicago grains mixed with demand issues, weaker US dollar

Arab Today, arab today

Arab Today, arab today Chicago grains mixed with demand issues, weaker US dollar

Chicago - XINHUA

Chicago corn and soybean futures rose in trading Tuesday thanks to a weaker dollar on the session, while wheat futures edged down due to increasing trader concern over lagging export sales. The most active corn contract for December delivery rose 4.75 cents, or 0.64 percent, to close at 7.4175 dollars per bushel. December wheat edged down 1.25 cents, or 0.15 percent, to settle at 8.5675 dollars per bushel. January soybeans gained 6.75 cents, or 0.44 percent, to close at 15.365 dollars per bushel. Corn finally broke a four-session losing streak and ended moderately higher on the day, taking some support from positive outside market conditions. Although U.S. equities markets remained close due to the effects of Hurricane Sandy, the session saw gains in gold and crude oil, as well as a lower dollar. Although weekly corn export inspections released Monday were considered bearish at only 15.5 million bushels, corn saw some buying Tuesday thanks to ideas that rising crop prices in South America and the Black Sea Region could steer some much-needed demand to the U.S. corn crop. Heavy rains in Brazil and Argentina have also delayed some corn planting there, and some analysts believe designated South American corn areas could be replaced with soybean plantings. Soybeans also benefited from the lower dollar, as a weaker greenback supports commodities by making them less expensive for holders of other currencies. Strong demand for the U.S. crop also helped soybeans gain on the session following Monday\'s sharp loss. Weekly export inspections for soybeans topped 63.4 million bushels this week, more than triple the 18 million bushel weekly average necessary to meet the U.S. Department of Agriculture (USDA) full- year soybean forecast. Unlike the other two grains, wheat ended the session in negative territory, the lower dollar not enough to overcome trader demand concerns after Monday\'s dismal export report. Weekly wheat export inspections stood at only 9.7 million bushels, nearly two- thirds below the 25.5 million weekly average needed for the USDA forecast.

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