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Chicago agricultural commodities settle mixed
From:Xinhua  |  2017-08-09 05:06

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CHICAGO, Aug. 8 (Xinhua) -- Chicago Board of Trade (CBOT) grainsfutures closed mixed on Tuesday with soybean futures buoyed byworries about dry weather in parts of the U.S. Midwest andreminders of strong export demand from China.

Corn futures fell, losing ground to soybeans on inter-marketspreads, while wheat sagged on technical buying and sluggish exportprospects.

The most active corn contract for December delivery fell 3cents, or 0.78 percent, to 3.8375 dollars per bushel. Septemberwheat delivery edged down 6.5 cents, or 1.4 percent to 4.57 dollarsper bushel. November soybeans added 3.5 cents, or 0.36 percent, to9.7375 dollars per bushel.

Mike North, Commodity Risk Management Group analyst, said thatthe soybean complex is benefitting from bullish news. He thoughtsoybeans are rising on dry weather forecasts and ongoing exportsales.

China imported a record 10.1 million tonnes of world soybeans inJuly with the crop year total pace exceeding the U.S. Department ofAgriculture annual forecast of 91 million tonnes with just 8million tonnes needed to be taken in August and September.

CBOT brokers estimate that funds have sold 4,200 contracts ofwheat, 6,600 contracts of corn while buying 2,100 contracts ofsoybeans. In soy products, funds have bought 1,000 contracts ofsoymeal and 2,600 contracts of soyoil. Enditem

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