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Chicago agricultural commodities closed lower on weak demand

Xinhua, February 24, 2015 Adjust font size:

Chicago Board of Trade agricultural commodities closed lower on Monday with corn, wheat, and soybeans falling amid sagging export demand for U.S. supplies.

The most active corn contract for March delivery lost 6.5 cents, or 1.69 percent, to close at 3.7875 U.S. dollars per bushel. Soybeans for May delivery dropped 0.75 cents, or 0.07 percent, to close at 10.015 dollars per bushel. Wheat for May delivery fell 3 cents, or 0.59 percent, to close at 5.04 dollars per bushel.

Fund selling and weak export demand put extensive pressure on the prices of the grains. Analysts said that farmers are selling additional cash corn and soybeans to raise cash flow to plant the new spring crop. Meanwhile, bankers are offering less favorable operational loans since producers are finding it difficult to project a profit with 2015 row crop production, they added.

Trucker strikes in northern Brazil offered soybeans some support. However, reports of a record large South American soybean crop harvest starting dampened the grain. Huge yields are expected in South Brazil and Argentina due to ideal weather.

A report released by the U.S. Department of Agriculture (USDA) on Monday also added additional pressure on the commodities.

USDA projected 2014/2015 U.S. soybean exports to be up 11 percent at 1,790 million bushels. U.S. 2014/2015 wheat crop year inspections are 605.6 million bushels, down 251 million bushels from 856.7 million bushels of last year; corn export inspections stood at 679 million bushels, up 13 million bushels; soybean export inspections are 1,515 million bushels, up 197 million bushels or 15 percent.

Mostly dry weather helps the harvest in north and central Brazil this week, and Argentina and south Brazil will see another round of rain from Tuesday to Thursday. Endite