Chicago wheat, soybean futures prices rise

TPrices of Chicago wheat and soybean futures rose in trading Thursday on supply shortage expectations, while those for corn futures edged down on concern over sluggish export. The most active corn contract for December delivery dropped 4. 75 cents, or 0.63 percent, to close at 7.51 dollars per bushel. December wheat rose 4 cents, or 0.46 percent, to settle at 8.685 dollars per bushel. January soybeans gained 11.25 cents, or 0.73 percent, to close at 15.6 dollars per bushel. Corn price fell on the news of corn sales from Ukraine to Israel, as well as on talk that that South America corn is still cheaper than that produced in the U.S.. As a result, traders are expecting sluggish export in more weeks ahead. Soybeans went stronger taking advantage of the talk that China will be a more active buyer of the U.S. crop. Weekly export sales this week topped 625,000 tonnes as against the 207,300 tonnes weekly average necessary to reach the USDA projection, up from 522, 200 tonnes last week. Fall in soybeans exports from Brazil in October also supported the market. Wheat closed higher in reaction to the news that only 40 percent of the freshly planted winter crop was in good to excellent condition, the lowest level since 1986 and in comparison with the 20-year average of 61 percent. Dry conditions in the western and northern plains and fears that some of the crop may not see germination ahead of dormancy also posed supportive factors.