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Chicago agricultural commodities close lower

Xinhua, March 5, 2015 Adjust font size:

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

The most active corn contract for May delivery fell 1.50 cents, or 0.38 percent, to close at 3.895 U.S. dollars per bushel. Wheat for May delivery lost 10.00 cents, or 1.98 percent, to close at 4. 96 dollars per bushel. May soybeans dropped 18.25 cents, or 1.80 percent, to close at 9.94 dollars per bushel.

All three major agricultural commodities dropped under pressure from a stronger dollar Wednesday. The dollar went up against most major currencies, hitting its highest level since 2003. This makes U.S. grains more expensive, not good for their export, analysts noted.

As for wheat futures, which posted the biggest loss Wednesday, analysts said warm weather next week will melt snow and add needed soil moisture for wheat, which boosted expectations for more wheat supply in the market.

Soybeans were put under pressure as truckers' strike in Brazil eased. Report on the market said there were only seven protests affecting highways on Tuesday, down from 18 on Monday. This reduced fears of major South American export suspensions.

The U.S. Energy Information Administration reported Wednesday ethanol output of 931,000 barrels per day in the week ending Feb. 27. Analysts regarded this as bearish for corn, which is used to make fuel ethanol. Enditem