Published : Thursday, 26 February, 2015, Time : 12:00 AM, View Count : 12
CHICAGO, Feb 25: Chicago Board of Trade agricultural commodities closed mixed yesterday with corn and wheat falling, and soybeans rising. The most active corn contract for May delivery fell 1.25 cents, or 0.32 per cent, to close at 3.855 U.S. dollars per bushel. Soybeans for May delivery gained 17.25 cents, or 1.72 per cent, to close at 10.1875 dollars per bushel. Wheat for May delivery dropped 0.25 cents, or 0.05 per cent, to close at 5.0375 dollars per bushel. Soybeans rose to a six-week high on worries about supply disruption triggered by a trucker strike in Brazil. However, the crop came off highs as reports emerged that a federal judge is expected to rule on Tuesday or Wednesday on the government's request for a cooling off period with big penalties for blocking roads. Analysts said Brazilian sources are confident that truckers would soon go back to work which should allow for improved transit across Brazilian highways for commerce. The outlook, however, remains bearish as China returns from holiday on Wednesday. Analysts said that they doubted that crushers will chase soybeans with new purchases. China still has a huge supply of soybeans and was an active buyer before the Lunar New Year, they said. Rain across north and central Brazil, the major soybean production state, was stalling harvests and kept supply tight, offering additional support for soybeans.