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CBOT soybeans, wheat, corn down on bigger supplies, softer exports

Xinhua, April 10, 2015 Adjust font size:

Chicago Board of Trade (CBOT) soybeans, wheat and corn all closed lower on Thursday as the U.S. Department of Agriculture (USDA) raised its outlook for world supplies, while U.S. soybeans export sales weakened.

The most active corn contract for May delivery lost 1.25 cents, or 0.33 percent, to close at 3.78 U.S. dollars per bushel. Wheat for May delivery shed 7.5 cents, or 1.43 percent, to close at 5. 1875 dollars per bushel. May soybeans dropped 18 cents, or 1.85 percent, to close at 9.535 dollars per bushel.

May wheat fell by more than 1 percent on Thursday as Global wheat supplies for 2014/15 marketing year are raised 0.8 million tons by the USDA's April supply-and-demand report, while the U.S wheat export estimate was cut by the same report.

Soybean prices dropped to a five-month low after USDA's weekly export sales report showed Thursday a net reduction in old-crop soybean export sales last week with cancellations and switches to new-crop supplies resulting in. Meanwhile, USDA raised its outlook for global soybean production, up 0.4 million tons from last month.

Corn extended its decline for a fourth straight day as the U.S. government also raised its outlook for domestic end stocks of corn by 50 million bushels.

"The April WASDE will not change anyone's conviction on the outlook for corn, soybeans or wheat prices heading into a new growing season across the Northern Hemisphere," said analysts at AgResource company, a Chicago-based agricultural research institute, "Our bet is that spring lows will be formed in May as Northern Hemisphere crops are seeded in mostly favorable soil moisture."

Additionally, the surging dollar also pressured CBOT corn, wheat and soybean futures on Thursday. The prospects of rising U.S. interest rates pushed the greenback to multi-year highs, weighing on dollar-denominated commodities including agricultural commodities. Endite