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Chicago agricultural commodities decline on lower demand, improved weather

Xinhua, April 23, 2015 Adjust font size:

Chicago Board of Trade soybeans, corn and wheat all went lower on Wednesday amid slowing crop feed demand due to bird flu and much improved planting weather in the U. S. and Europe.

The most active corn contract for May delivery lost 0.5 cents, or 0.13 percent, to close at 3.725 U.S. dollars per bushel. Wheat for May delivery shed 1.25 cents, or 0.25 percent, to close at 4. 99 dollars per bushel. May soybeans fell 5 cents, or 0.51 percent, to close at 9.7175 dollars per bushel.

Soybeans dropped on Wednesday amid waning fears of disruption from Brazilian truckers' strike, as unions may not be involved. Some analysts say very low U.S export shipment Tuesday indicated a shift to South American origin while lackluster Chinese demand also put more pressure on soybeans futures.

Corn prices extended their losses for a third straight session due to the spread of bird flu in U.S. Midwest.

The weekly ethanol production report released by the U.S. Energy Information Administration (EIA) on Wednesday showed a small gain in production, in line with the average to reach U.S, government's annual U.S. corn ethanol production estimate. U.S. ethanol production through the week ending April 17 rose to 930, 000 barrels per day, up 0.6 percent from the prior week, while inventories added more than 3 percent, which is bearish for future corn consumption

Wheat snapped its two-day rally as weather forecasts in Europe are much improved with calling for more rain and rising estimates for Russian wheat crop. Many crop watchers note that the early spring growing season has been nearly ideal and that crops are responding.

"A lack of demand and improving Central U.S. weather forecasts will cap rallies and pressure CBOT prices into the end of April. Only a change in the U.S. weather forecast to cool/wet can shift the prevailing price trend," said AgResource company, a Chicago- based agricultural research institute. Endite