Chicago agricultural commodities closed down

Chicago Board of Trade agricultural commodities closed down with all three major commodities falling.

The most active corn contract for March delivery fell 2 cents, or 0.50 percent, to close at 3.9425 U.S. dollars per bushel. Soybeans for March delivery dropped 8 cents, or 0.76 percent, to close at 10.4825 dollars per bushel. Wheat for March delivery lost 12.5 cents, or 2.16 percent, to close at 5.67 dollars per bushel.

Analysts noted that volume has been low and news has been quiet as corn, wheat, and soybeans fell as traders are waiting for index funds to rebalance their holdings in the three major agricultural commodities which begins later Thursday.

The weather forecast remains positive with enough rains hitting Brazil's growing area over the next two weeks to bring the soybean crop to maturity. Argentina will benefit from substantial boosts in soil moisture in the coming weeks. The U.S. weather forecast shows warmer weather will likely begin next week.

Meanwhile, news about Egypt secured three cargoes of French for mid-Feb arrival on the market also put pressure on American agricultural commodities.

U.S. export sales through the week ending last Thursday record higher soybean, but lower corn and wheat. Endite