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Chicago agricultural commodities close lower

Xinhua, February 19, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed lower on Wednesday with wheat, corn, and soybeans falling.

The most active corn contract for March delivery fell 5.75 cents, or 1.48 percent, to close at 3.8375 U.S. dollars per bushel. Soybeans for March delivery dropped 12 cents, or 1.19 percent, to close at 9.9575 dollars per bushel. Wheat for March delivery lost 7.00 cents, or 1.31 percent, to close at 5.2775 dollars per bushel.

All three major commodities closed lower on fresh selling and uncompetitive offers. Besides, analysts note that the volume is low as China is on vacation for the Lunar New Year, and say that additional Asian countries will be on vacation starting on Thursday.

As for the wheat, analysts said that it fell because there was news in the market that Egypt's state grain buyer had canceled a tender seeking U.S. wheat for April arrival.

Soybeans fell as a truckers' strike in Mato Grosso, Brazil ended on Wednesday, although additional disputes are possible throughout the week. Analysts say this means more supply of soybean in the market, putting pressure on the soybean futures.

The U.S. Department of Agriculture's Outlook Conference will begin on Thursday. Traders are likely to watch this closely as it will be a strong determining factor in the direction of the market. Endite