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Chicago soybeans, corn, wheat futures market closes lower on profit-taking, improving weather

Xinhua, June 20, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, soybeans and wheat futures all closed lower Friday as investors opted to pocket in gains, and drier and warmer weather forecasts eased concerns that crops seeding or harvesting are delayed by heavy rains.

The most active corn contract for July delivery lost 4.75 cents, or 1.33 percent, to close at 3.5325 U.S. dollars per bushel. September wheat delivery shed 0.75 cents, or 0.15 percent, to close at 4.925 dollars per bushel. July soybeans fell 6.25 cents, or 0.64 percent, to close at 9.715 dollars per bushel.

Prices of July soybeans on Friday gave back some of the gains from the past three sessions after they hit the highest level in more than a month, as light profit-taking pressure and easing worries about slow soy planting progress.

Corn, wheat futures came under pressure from improving weather forecasts that could promote corn development and accelerate wheat harvest.

"There are a few problems noted for U.S. and world weather, which like last year, are not totally unexpected," said AgResource company, a Chicago-based agricultural research institute. "However, combined 2015/16 world crop sizes look to be record large which will cap fund short covering rallies."

The midday forecast model had pesky showers or storms occurring across the north central and the east central Midwest for the next five to six days with rainfall accumulations of 1.5 (about 38. 1 millimeters) to 2.50 inches, according to the midday Global Forecast System. Missouri and Kansas will be dry allowing for soils to firm enough to support large machinery again.

For the week, the most active corn contract for July delivery rose slightly by 0.07 percent, September wheat shed 3.53 percent, while July soybeans gained 3.35 percent. Endite