Chicago agricultural commodity
futures post a mixed performance Monday, with corn and wheat futures
down while soybeans [were] up, as export inspections dominated the trading
on the day.
The most active corn contract for March delivery fell 7.25 cents, or 0.98 percent, to close at 7.30 dollars per bushel. March wheat lost 12.25 cents, or 1.42 percent, to settle at 8.4875 dollars per bushel. January soybeans rose 2.5 cents, or 0.17 percent, to close at 14.7475 dollars per bushel.
According to Chicago Mercantile Exchange (CME), March corn traded 7 cents lower into the closing bell. The soybean market rallied midday, which prompted short covering in the market and pulled corn off session lows.
Morning pressure in corn market was linked to a weak technical signals and poor export demand data. Inspections for the week ending December 6th were reported at only 7.86 million bushels, which is a new marketing year low for corn shipments.
Export inspections for wheat fell in line with market estimates but were still well below the pace needed to reach this year's goal. For the week ending December 6th, inspections totaled 13.94 million bushels,less than the week before at 14.19 million bushels.
January soybeans traded higher on the day after the market traded sharply lower early on spillover from a sagging corn market. Demand remains extremely strong, which helped to support but a favorable weather outlook for South America is adding a longer term, bearish bias.
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