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Chicago agricultural commodities close lower on crop progress report

Xinhua, May 12, 2015 Adjust font size:

Chicago Board of Trade (CBOT) wheat, corn and soybeans on Monday settled slightly lower on the better- than-expected crop report.

The most active corn contract for July delivery lost 2.5 cents, or 0.69 percent, to close at 3.605 U.S. dollars per bushel. Wheat for July delivery fell 0.5 cents, or 0.10 percent,to close at 4.81 dollars per bushel. July soybeans fell 2.25 cents, or 0.23 percent, to close at 9.74 dollars per bushel.

The market volumn was thin on Monday ahead of the U.S. government's monthly supply and demand report which will give its first outlook for corn, soy and wheat stocks for the 2015-16 crop year..

Meanwhile, the U.S. Department of Agriculture (USDA) said in its weekly crop report that corn planting in 18 selected states as of Sunday rose to 75 percent, up 20 percent from the last week and 18 percent higher than 2010-2014 average.

Soybeans planting advanded to 31 percent in the same period, and wheat 87 percent, both higher than the previous week and last five-year average, the report said.

Some analysts said that concerns about cuts to demand from domestic livestock producers also contributed to the bearish market sentiment Monday. Endite