Chicago agricultural commodities settle mixed

Chicago Board of Trade (CBOT) grains futures close mixed on Thursday, with corn futures falling 1.9 percent, pressured by the expanding harvest in the U.S. Midwest as well as a forecast for a bumper crop in Brazil.

Soybean futures edged higher, overcoming bearish supply trends on strong export demand and some technical buying.

U.S. wheat futures were mostly weaker, easing on a profit-taking setback after rallying sharply on Wednesday, but some MGEX spring wheat contracts gained slightly amid tight global supplies of high quality milling wheat.

The most active corn contract for December delivery fell 7.25 cents, or 2.08 percent, to 3.405 dollars per bushel. December wheat delivery dropped 9.25 cents, or 2.28 percent, to 3.9575 dollars per bushel. November soybeans rose 1.75 cents, or 0.18 percent, to 9.585 dollars per bushel.

The bearish mood ahead of a U.S. government report next week that's expected to boost yield and production forecasts was deepened by the prospect of Brazilian farmers planting a big corn crop, and an arm of the United Nations forecast a record global wheat crop this year.

The Food and Agriculture Organization said in an update Thursday that wheat and rice output was headed for a record year, with overall cereal production expected to be up 1.5 percent from last year. The agency boosted its forecast for global wheat production to 742.4 million tons, led by increases in the U.S, India and Russia, with the latter set to overtake the European Union as the grain's largest exporter.

With the dollar near a two-month high ahead of Friday's jobs report, the outlook for U.S. exports is toughening despite the surge in deals over the past three months, including wheat and soybean sales disclosed Thursday. 

Source : XINHUA