Chicago soybeans, corn, wheat drop on stockpiles, favorable weather
Xinhua, May 1, 2015 Adjust font size:
Chicago Board of Trade (CBOT) soybeans, corn and wheat futures were lower on Thursday as investors shifted focus back to abundant old crop stocks and favorable new crop weather conditions.
The most active corn contract for July delivery lost 1.5 cents, or 0.41 percent, to close at 3.6625 U.S. dollars per bushel. Wheat for July delivery shed 9.5 cents, or 1.96 percent, to close at 4. 74 dollars per bushel. July soybeans fell 12 cents, or 1.21 percent, to close at 9.76 dollars per bushel.
Besides ample supplies, analysts said cheaper offering for wheat and corn from the Black Sea and Latin America regions, now at 12-month lows, also piled downward pressure on world grains prices.
Wheat also came under pressure from the huge cancellations of U. S. old crop sales on Thursday.
The U.S. Department of Agriculture said Thursday that for the week ended April 23, the U.S. saw a net sale reduction of 449,200 metric tons (MT) of wheat for delivery in the 2014/2015 marketing year. Corn net sales were 832,500 MT, down 4 percent from the previous week but up 33 percent from the prior 4-week average. Soybeans sales were at 433,400 MT, a sharp increase from 102,100 MT of the previous week.
Soybean prices snapped its three-session winning streak on Thursday as traders shifted their focus back on the glut in the world grain market and favorable U.S. weather, after Brazilian and Argentine labor unrest showed signs of ebbing away.
"The Argentine government has called for an end of the transportation/crush strike on Monday by 2 p.m.," AgResource company, a Chicago-based agricultural research institute said in a report. "Without South American export delays, July soybean futures should retest 9.50 dollars support." Endite