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Chicago agricultural commodities close down

Xinhua, January 14, 2015 Adjust font size:

Chicago Board of Trade agricultural commodities closed down on Tuesday, with corn, wheat and soybeans falling.

The most active corn contract for March delivery fell 16.25 cents, or 4.04 percent, to close at 3.8575 U.S. dollars per bushel. Soybeans for March delivery lost 12 cents, or 1.18 percent, to close at 10.04 dollars per bushel. Wheat for March delivery dropped 7.5 cents, or 1.35 percent, to close at 5.48 dollars per bushel.

The U.S. Department of Agriculture (USDA) announced Tuesday exports of two cargos of corn to an unknown destination.

With no other major news coming in Tuesday, the market still digested the world grain supply and demand estimates released Monday, with funds liquidating their positions in response to a record large 2014-2015 combined stocks of corn, soybean and wheat in January USDA report.

Market analysts expected a drop in ethanol production and a buildup in stocks scheduled in the weekly ethanol report due out on Wednesday.

Weather will turn favorable for grains in U.S. North Plains and East Midwest, where cool temperatures will stay for another day before a gradually warmer pattern will be established and extend into the opening days of February, bringing drier weather in late January. Endite