Chicago agricultural commodities closed lower

Chicago agricultural commodities futures market closed lower Tuesday with all three major commodities falling.

The most active corn contract for March delivery fell 2.75 cents, or 0.72 percent, to close at 3.8125 U.S. dollars per bushel. Soybeans for March delivery dropped 9.75 cents, or 0.99 percent, to close at 9.7375 dollars per bushel. Wheat for March delivery lost 1.5 cents, or 0.29 percent, to close at 5.19 dollars per bushel.

Soybeans went down as the U.S. Department of Agriculture (USDA) daily reporting system said that private exporters canceled sales of 120,000 tonnes of soybeans to China for delivery in the market year of 2014/2015.

Analysts noted that this is the third cancellation in January of soybeans sales to China, which put pressure on the price of soybeans.

Analysts said that wheat fell on weak export demand. Wheat inspected for export from the U.S. went down 16 percent in the most recent week, the U.S. Department of Agriculture said.

Additionally, U.S. wheat is more expensive in light of the strong U.S. dollar, also pressuring price of wheat go down.

The weather forecast for South America remains positive, and the forecast for the U.S. includes cold returning to the Central and Northern Plains. However the U.S. forecast shows an active pattern of rain and snow across the Southern Plains, Delta and far South Midwest, which will benefit soil moisture for wheat. Endite