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Chicago agricultural commodities close lower

Xinhua, February 26, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed lower across the board on Wednesday.

The most active corn contract for May delivery fell 1.75 cents, or 0.45 percent, to close at 3.8375 U.S. dollars per bushel. Soybeans for May delivery lost 8 cents, or 0.79 percent, to close at 10.1075 dollars per bushel. May wheat dropped 6.5 cents, or 1. 29 percent, to close at 4.9725 dollars per bushel.

All three major commodities fell as old crop demand dropped significantly lower. Analysts say U.S. and world farmers are still trying to sell extra old crop supply to raise cash for spring planting.

It is believed that the U.S. corn and wheat markets are struggling to find fresh export demand with European wheat and Ukraine corn being far cheaper. The U.S. needs to jump-start U.S. export demand appears unlikely. Soybeans were slightly supported by technical buying, but analysts believe they will likely become bearish.

Corn was put under pressure as the weekly ethanol report was bearish with weekly production down 2 percent while stocks rose 2. 5 percent to a new multi-year high.

The weather forecast is slightly drier for North Brazil and slightly warmer for the Central Midwest in the 11-15 day period. Rain chances look favorable from the East Plains well into the southern Ohio Valley. Enditem