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Chicago corn, soybeans fall while wheat rises
Xinhua | February 10, 2013 11:40
By Agencies
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Chicago agricultural commodity futures were traded mixed Friday, with corn and soybeans prices down while the price for wheat up on bullish ending stocks data.

The most active corn contract for March delivery fell 1.75 cents, or 0.25 percent, to close at 7.09 dollars per bushel. March wheat rose 0.25 cents, or 0.03 percent, to settle at $7.5625 per bushel. March soybeans fell 34.25 cents, or 2.3 percent, to close at $14.525 per bushel.

According to Chicago Mercantile Exchange (CME), March corn traded both sides of the unchanged as it was higher early in the session but later turned lower on pressure for the soybean market. US ending stocks were pegged at 632 million bushels from 602 million bushels last month and against trade estimates of 618 million.

Chicago wheat markets traded higher early in the session but late pressure from the corn and soybean markets limited gains. The US Department of Agriculture (USDA) report was considered bullish against trade estimates. The US all wheat carryout was pegged at 691 million bushels, compared with 716 million bushels in January and against trade estimates of 727 million.

March soybeans traded sharply lower after the USDA report was considered neutral to slightly negative against trade estimates as Brazil soybean production came in well above expectations. The Brazil soybean crop production estimate jumped to 83.5 million tonnes, compared with 82.50 million in January.

Also for soybeans, world ending stocks for the 2012-13 season came in at 60.12 million tonnes as compared 59.46 million tonnes in last month's estimate and against trade estimates of 59.188 million.

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