Chicago wheat rallies while corn, soybeans fall

11:08, October 23, 2010      

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Chicago wheat futures rallied from a 2-week low as Russia extend bans on grain exports while corn and soybeans continue their falling trend amid stronger U.S. dollar and favorable weather.

The most active wheat contract for December delivery gained two cents, or 1.2 percent, to 6.7075 U.S. dollars per bushel. December corn slid 4.15 cents, or 0.8 percent, to 5.6 dollars per bushel. November soybean shed two cents, or 0.17 percent, to 11.995 dollars per bushel.

Russia, one of the worlds'largest wheat exporters, extended its export ban on grain to July 1, 2011, Prime Minister Vladimir Putin said on Friday, which has triggered robust rally in the wheat market.

The country said in August it would halt exports until the end of this year due to reduced grain production amid severe drought, which pushed the wheat market on the hiking track. The wheat price has surged around 40 dollars since the end of July.

However, the corn market edged lower as the U.S. dollar went stronger. The dollar index, which prices the U.S. dollar against a basket of six other currencies, increased marginally to 77.46 from Thursday's 77.42.

Besides, the weaker-than-expected export sales continued to weigh on corn price. The U.S. Department of Agriculture said on Thursday that U.S. sold 212,478 metric tons in the week ended Oct. 14, falling 77 percent from a week earlier and 72 percent less than the average of the previous four weeks.

Aside from a firmed dollar, the soybean futures was also affected by favorable weather condition. The weather forecast shows that there will be increased rainfall in the dry west- central soybean belt in Brazil, which is conducive to crop growth and as a result, will strengthen the expectation over supply expansion.

Source: Xinhua


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