Off the wire
• Croatia to finance small, medium-level entrepreneurs  • Risk of breast, ovarian cancer may differ by type of BRCA mutation: study  • Foreign exchange rate of euro to other currencies  • Roundup: Italy raises growth forecast to 0.7 pct for 2015  • 1st LD Writethru: Oil prices rise on supply speculation  • Germany's benchmark DAX index climbs  • Global potential economic growth to remain at low level: IMF  • Somali suspect charged in Kenya with ferrying explosives for terror attack  • Mugabe in S. Africa to boost bilateral ties  • Urgent: U.S. stocks end slightly lower amid strong dollar, global rallies  
You are here: 　 Home

Chicago corn, wheat, soybeans dip for second session

Xinhua, April 8, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities fell for the second-session in a row on Tuesday as the market lacks a bullish demand driver with other world exporters offerings of corn, wheat and soybeans well below U. S. originals.

The most active corn contract for May delivery lost 2 cents, or 0.52 percent, to close at 3.83 U.S. dollars per bushel. Wheat for May delivery shed 1.75 cents, or 0.33 percent, to close at 5.26 dollars per bushel. May soybeans dropped 7.5 cents, or 0.77 percent, to close at 9.71 dollars per bushel.

May soybeans extended losses to a third straight session as investors expected abundant U.S. and South America soybeans supplies ahead of a monthly U.S. government crop report on Thursday and Brazilian crop estimates on Friday.

Wheat for May dropped moderately on Tuesday, as many European Union farmers were anxious to sell old crop stocks with the new crop looking favorable at this early date, pushing EU cash wheat prices lower. The futures in decline, however, were capped by the dryness across the Western U.S. Plains.

The midday weather model offers an abundance of rain for the Central U.S. over the next two weeks, which will go a long way to replace soil moisture, but could cause delays in corn seeding if a dry slot of weather is not offered in the last half of April or first 10 days of May.

"Our view remains bearish. Thursday's USDA report potentially offers a secondary selling opportunity in new crop corn and soybeans. Kansas dryness is not enough to rally Chi wheat, but traders are wary about being too short with funds already holding a sizeable net short position," according to AgResource company, a Chicago-based agricultural research institute. Endite