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Chicago agricultural commodities settle lower on stronger U.S. dollar

Xinhua, May 20, 2015 Adjust font size:

Chicago Board of Trade (CBOT) wheat, corn and soybean all settled lower Tuesday as dollar turned stronger.

The most active corn contract for July delivery fell 6 cents, or 1.63 percent, to close at 3.62 U.S. dollars per bushel. Wheat for July delivery decreased 11.5 cents, or 2.20 percent, to close at 5.1025 dollars per bushel. July soybeans lost 8.25 cents, or 0. 86 percent, to close at 9.4625 dollars per bushel.

The U.S. dollar climbed against other major currencies on Tuesday and the stronger dollar pressured corn, soybean and wheat futures, as a stronger dollar made dollar-denominated agricultural commodities much less affordable to buyers in other currencies, analysts said.

Funds have been active in selling Tuesday, Agresource, a Chicago-based Institute, said in its daily report, adding that CBOT floor brokers estimate funds have sold 9,000 contracts of corn, 6,000 contracts of wheat, and 7,000 contracts of soybeans Tuesday morning. Endite