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Chicago agricultural commodities down on stronger U.S. dollar

Xinhua, May 23, 2015 Adjust font size:

Corn, wheat and soybeans closed lower on Friday on Chicago Board of Trade as a stronger greenback makes dollar-denominated agricultural commodities less affordable to holders of other currencies.

The most active corn contract for July delivery lost 5 cents, or 1.37 percent, to 3.6 U.S. dollars per bushel. Wheat for July delivery shed 6.75 cents, or 1.29 percent, to 5.1525 dollars per bushel. July soybeans fell 14.25 cents, or 1.52 percent, at 9.2425 dollars per bushel.

For the week, wheat gained 0.83 percent, while corn and soybeans decreased 1.5 percent and 3.04 percent, respectively.

The U.S. dollar rallied against other major currencies on Friday, as Federal Reserve Chair Janet Yellen said she expects the Fed to raise interest rates this year if the economy remains on track for her forecasts.

Meanwhile, warm weather in the U.S. Midwest bolstered expectations of a bumper harvest, further pressurizing soybeans and corn, analysts said. Endite