CHICAGO, Nov. 17 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed mixed over the trading week which ended Nov. 16, with soybean futures rising on fund short covering.
The most active corn contract for December delivery went down 5 cents weekly, or 1.35 percent, to 3.6475 dollars per bushel. December wheat delivery was up 4.75 cents, or 0.95 percent, to 5.0675 dollars per bushel. 2019 January soybean was 5.5 cents higher, or 0.62 percent, to 8.9225 dollars.
CBOT corn futures fell 5 cents amid limited market-specific news. In the world market, Ukraine's crop will be record large, with yield an incredible 40 percent above last year, but their export logistics will only allow for the export of 24-25 million tonnes.
Amid record total corn trade, U.S. exports won't be adjusted downward, but better than expected Black Sea production.
Ethanol margins are deep in the red, with temporary plant closures noted across pockets of the Central U.S. Biofuel margins a year ago were rather profitable, which will act as a cap on rallies until crude oil recoveries.
CBOT wheat futures ended higher this week with CME gaining on short covering in Chicago and long liquidation in Kansas City. Hard red wheat export sales continue to lag the pace needed to meet the U.S. agriculture Department's forecast.
A host of major importers are now seeking high protein supply for early January delivery. On a FOB basis, gulf hard red wheat is offered 3-8 dollars per tonne below Russian origin.
Soybeans were on both sides of unchanged last week with January back testing the upper limit of a trading range that's developed over the last five months.
Fund short covering and hope that U.S.-China trade relations improve offered support. Fundamentally, U.S. December soybean stocks are expected to be record large due to a big crop and slow exports.
Outside of the United States, planting progress in Brazil has reached 80 percent complete, while Argentine seedings are behind normal due to excess spring rainfall.
