Chicago agricultural commodities close down

Chicago agricultural commodities dropped across the board Monday on technical selling.

The most active corn contract for December delivery fell 5.25 cents, or 1.41 percent, to close at 3.675 U.S. dollars per bushel. December wheat dropped 4 cents, or 0.72 percent, to close at 5.495 dollars per bushel. January soybean lost 5.25 cents, or 0.51 percent, to close at 10.3375 dollars per bushel.

A dramatic increase in the export capacity of Brazil, the second biggest grower, has dampened grains. With several new ports opening across the Amazon River Basin, the loading speed of Brazil is estimated to increase by as much as 40 percent.

Corn and wheat dropped Monday on technical selling. Wheat bid from Saudi Arabia went down, as world wheat sellers continued to offer wheat in a lower price in a market that is awash in supply.

Periods of rain and sunny and dry weather will aid crop growth in South America over the next ten days. North Africa and China are also seeing abundant rain which improves the outlook for the 2015 wheat crops.

The U.S. weekly export inspections for the week ending Nov. 20 showed that the country exported 20.9 million bushels of corn, 102. 3 million bushels of soybeans, and 16.4 million bushels of wheat.

For respective crop years to date, the United States has shipped out 435.8 million bushels of wheat, down 207.2 million bushels or 32 percent year on year; 327 million bushels of corn, up 42.5 million bushels or 13 percent; and 713 million bushels of soybeans, up 124 million bushels or 21 percent. With all crops included, U.S. grain and soy exports registered the same amount of 1,527 million bushels as the last year. Endite