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Chicago corn, wheat hit new lows for 2015; soybeans higher

Xinhua, April 28, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Monday with wheat and corn futures falling to their lowest level in 2015, while soybeans rallying on better-than-expected exports.

The most active corn contract for July delivery lost 5 cents, or 1.35 percent, to close at 3.6475 U.S. dollars per bushel. July wheat delivery shed 15.25 cents, or 3.12 percent, to close at 4. 7325 dollars per bushel. July soybeans gained 2.25 cents, or 0.23 percent, to close at 9.73 dollars per bushel.

Wheat futures dropped steeply on Monday amid rumors that Russia is considering ending their export duty before July 1 because of favorable new crop developments and the installation of a new agricultural minister.

Corn slipped for a sixth straight session, and also refreshed its new lows for 2015, as favorable U.S. Midwest weather forecasts indicate corn planting will be accelerated in the next two weeks, the key seeding period for corn.

The Central U.S. weather forecast on Monday is little changed with a good mixture of sunshine and rainfall during the 11-15 day period.

The U.S. weekly export inspections released by U.S. Department of Agriculture (USDA) on Monday showed that soybean inspections through the week ending April 23 totaled 311,622 metric tons, noticeably up more than 110 percent from the prior week; corn shipments were 1,293,996 tons, up almost 21 percent from the previous week; wheat exports totaled 543,929 tons, down nearly 11 percent from the prior week.

The exports of soybeans and corn were better than traders expected, analysts say. Endite