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CHICAGO, Jan. 19 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures settle mixed on Thursday with wheat futures dropping after the International Grains Council (IGC) raised its outlook for global production in a report.
The most active corn contract for March delivery rose 1.25 cents, or 0.34 percent, to 3.6625 dollars per bushel. March wheat delivery fell 7.5 cents, or 1.74 percent, to 4.235 dollars per bushel. March soybeans dropped 4.75 cents, or 0.44 percent, to 10.7025 dollars per bushel.
World wheat output is pegged at 752 million metric tons in the 2016-17 marketing year, up from a November outlook for 749 million tons, the IGC said in its report. Inventories, however, were unchanged from the last projection as the IGC raised consumption.
Total grain production was raised to 2.094 billion tons from 2.084 billion in the previous report, according to the IGC. Its inventories forecast increased by 3 million tons to 507 tons despite an increase in consumption.
Corn has found strength and is slightly higher. US exporters sold beans to South Korea overnight, and FAS(Foreign Agricultural Service) announced a US corn sale to an unknown destination worth 110,400 tons for 16/17 delivery. US ethanol production last week was also better than expected, though a seasonal downtrend in ethanol production and demand lies ahead.
Soybeans fell on profit-taking, snapping a four-session advance tied to the threat of rain damage to crops in Argentina, a major exporter of soybeans and the top global supplier of soymeal and soyoil.
