Off the wire
• Urgent: U.S. dollar weakens on soft data  • First teeth of anatomically modern humans detected in Italy  • 1st LD Writethru: Statue of Liberty evacuated over suspicious package  • EU's growth impossible without reforms in each member state: FM  • Ruble's rise not result of currency speculation: Russian finance minister  • CNOOC Q1 sales revenue down 40 pct on falling prices  • Urgent: Oil prices retreat on profit taking  • Ghana's president pledges to process 50 pct of cocoa by domestic companies  • Spanish stock market rises 0.7 pct, closes at 11,505 points  • 1st LD Writethru: Gold down sharply on record-high equities  
You are here: 　 Home

Chicago agricultural commodities slump on record supplies

Xinhua, April 25, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, soybeans and wheat futures closed sharply lower on Friday, as traders see weather and new crop supplies are coming into better perspective ahead of the May U.S. government's estimates report.

The most active corn contract for July delivery lost 7 cents, or 1.86 percent, to close at 3.6975 U.S. dollars per bushel. Wheat for July delivery fell 12.75 cents, or 2.54 percent, to close at 4. 885 dollars per bushel. July soybeans dropped 9.25 cents, or 0.94 percent, to close at 9.7075 dollars per bushel.

Wheat futures had been the downside leaders Friday with active fund selling as an oversupply of old crop grain and favorable new crop planting weather are pointing to lower price trends.

Corn futures extended its losses for a fifth straight session on Friday as favorable Central U.S. weather forecasts and the expectation that Midwest producers could seed a considerable amount of their corn crop next week, put more pressure on CBOT corn prices.

Soybeans pulled back its jump on Thursday amid easing worries that the soybeans delivery in Brazil might be disrupted by some truckers blocking roads.

"Soy futures are overvalued and need to correct relative to the ratios against corn and the overhang of world supply," said AgResource company, a Chicago-based agricultural research institute. "The grain markets are embroiled in bearish trends that can only be altered by an unfavorable change in U.S. or world weather forecasts."

For the week, the most active corn contract for July delivery fell by 2.4 percent, July soybeans and wheat were little changed. Enditem