Roundup: Chicago agricultural commodities close mixed over the week

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CHICAGO, Nov. 18 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures settled mixed over the trading week which ended Nov. 17, with short-covering and concern for world weather being the key factor in market ups and downs.

The most active corn contract for December delivery fell 0.5 cent weekly, or 0.15 percent, to 3.43 dollars per bushel. December wheat delivery went down 4.25 cents, or 0.98 percent, to 4.2725 dollars per bushel. January soybeans edged up 3.5 cents, or 0.35 percent, to 9.905 dollars per bushel over the week.

Corn futures ended fractionally lower amid additional technical selling and an otherwise lack of fresh news. The trade continues to digest U.S. old crop stocks of nearly 2.5 billion bushels, which will provide a rather sizeable buffer against adverse South American weather or adverse U.S. weather next spring or summer.

Interior basis is rallying as farmers halt sales altogether, and as harvest is still pretty sluggish in pockets of the Central U.S. Climate, forecasts are dry in Argentina amid the arrival of La Nina, but it's premature for any undue yield concern.

U.S. wheat prices ended lower, as some measure of long liquidation returned to spring wheat futures in Minneapolis. Russian FOB quotes this weekend are down another one dollar to 191 dollars per ton, versus 194 dollars in October, and so there's just no spark available to trigger any lasting recovery.

However, analysts maintain a neutral outlook as Southern Hemisphere production is in danger of quality damage. The Global Forecast System includes potentially new rain in eastern Australia next week, and long term climate guidance there remains wet through December.

Soybeans were lower through most of the week, but January was able to build support just above the October lows, and then rallied sharply on Friday to end the week with modest gains. Short covering and concern for dry Argentine weather supported Friday's bounce.

Planting in South America is underway, and new crop exports of significant quantities are three to four months away. Enditem

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