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Chicago agricultural commodities close lower across board

Xinhua, January 16, 2015 Adjust font size:

Chicago Board of Trade agricultural commodities closed lower on Thursday across the board.

The most active corn contract for March delivery dropped 1 cent, or 0.26 percent, to close at 3.8 U.S. dollars per bushel. Soybeans for March delivery lost 18.25 cents, or 1.81 percent, to close at 9.91 dollars per bushel. March wheat fell 5 cents, or 0.93 percent, to close at 5.3275 dollars per bushel.

All three major commodities dropped as funds remain selling in wheat, soybeans and corn. Analysts believe that the market will forge a weekly downward reversal following a key crop report from the U.S. Department of Agriculture (USDA).

Soybeans fell to new weekly lows on Thursday as the National Oilseed Processors Association said U.S. processors crushed 165.38 million bushels of soybeans in December, the second-highest monthly crush rate on record but less than analysts' expectation.

Wheat dropped as world wheat prices continued their downward move. Analysts note that rainfall prospects are improving for North African production.

For the week ending Jan. 8, U.S. weekly export sales were 10.5 million bushels of wheat, 32.2 million bushels of corn, and 41.6 million bushels of soybeans.

The weather forecast remains positive and crops in South Brazil and Argentina are said to be exceptional and could produce record large yields with another four to six weeks of favorable growing weather. Endite