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Chicago wheat down sharply on technical selling

Xinhua, May 27, 2015 Adjust font size:

Chicago Board of Trade (CBOT) wheat fell more than 4 percent Tuesday on dollar rally and technical selling, corn and soybean also settled lower.

The most active corn contract for July delivery lost 5 cents, or 1.39 percent, to close at 3.55 U.S. dollars per bushel. Wheat for July delivery decreased 21.75 cents, or 4.22 percent, to close at 4.935 dollars per bushel. July soybeans fell 1.75 cents, or 0. 19 percent, to close at 9.225 dollars per bushel.

Analysts attributed the sharp loss of wheat to stronger dollar and technical selling activated by weather improvement. The surprise of Tuesday morning has been the sharp drop in U.S. wheat values as South Plains weather improves and funds rush to more sales ahead of harvest, Agresource, the Chicago-based Institute, said in its daily newsletter.

The technical selling was accelerated as dollar rallied against other currencies Tuesday. CBOT floor brokers reported that funds have sold 7,700 contracts of wheat before midday, according to Agresource. The stronger dollar also dulled the export of U.S. corn and soybean, analysts said. While for the corn and soybean, CBOT floor brokers reported funds have sold 6,000 contracts and 500 contracts respectively. Endite