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Chicago agricultural commodities fall

Xinhua, February 3, 2015 Adjust font size:

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

The most active corn contract for March delivery fell 0.25 cents, or 0.07 percent, to close at 3.6975 U.S. dollars per bushel. Soybeans for March delivery dropped 1.5 cents, or 0.16 percent, to close at 9.595 dollars per bushel. Wheat for March delivery lost 10 cents, or 1.99 percent, to close at 4.9275 dollars per bushel.

There has been little news and low volume in the agricultural market. Analysts believe that the positive weather outlook for South America is putting price pressure on the three major agricultural commodities.

The weather forecast shows favorable South American weather for the next 14 days. Showers and storms will impact South and Central Argentina. The forecast shows rain on Brazilian crop areas. Analysts say the mixture of sunshine and rain should prove to be ideal for developing corn and soybean crops and for advancing the early soybean harvest.

While in the United States, a major snowstorm over the weekend dumped more than a foot of snow on Midwest wheat areas, which analysts said is good for the wheat productivity.

An additional factor putting pressure on the price of corn is the U.S. Department of Agriculture (USDA)'s Monday report that private exporters reported to the USDA export sales of 132,600 metric tons of corn to Mexico. The sale is considered routine but analysts note that Mexico looks to surpass Japan this year as being the United States' largest corn export destination. Endite