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Corn, wheat lower, soybeans higher on less planting

Xinhua, April 1, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Tuesday with corn decreasing and soybeans advancing after a government report showed that farmers will plant more corn and less soybeans in the spring of 2015.

The most active corn contract for May delivery lost 18.25 cents, or 4.63 percent, to close at 3.7625 U.S. dollars per bushel. Wheat for May delivery fell 18.5 cents, or 3.49 percent, to close at 5. 1175 dollars per bushel. May soybeans added 5.5 cents, or 0.57 percent, to close at 9.7325 dollars per bushel.

The prospective plantings report released Tuesday by the USDA National Agricultural Statistics Service, corn planted area for all purposes in 2015 is estimated at 89.2 million acres (about 36. 1 million hectares), above market expectation for 88.7 million, while soybean planted area is estimated at 84.6 million acres ( about 34.3 million hectares), below estimates of 85.9 million.

Meanwhile, the report showed that corn stocks as of March 1 were 7.74 billion bushels, above estimates for 7.6 billion, which analysts said would put additional pressure on corn; soybean stocks were 1.33 billion bushels, little below expectations, and wheat stocks were 1.12 billion bushels, in line with estimates.

Wheat came under pressure after soaring more than 4 percent on Monday.

CBOT floor brokers report that funds have sold 9,000 contracts of corn, 4,000 contracts of wheat, while buying 5,500 contracts of soybeans, according to the Chicago-based research company Agresource. Endite