Chicago agricultural commodities futures market closes lower

Chicago Board of Trade (CBOT) corn on Monday extended loss to its lowest since June 30 as drier weather boosted expectations for better development and wheat, soybeans also settled lower.

The most active corn contract for December delivery lost 15.25 cents, or 3.54 percent, to close at 4.16 U.S. dollars per bushel. September wheat delivery fell 21.25 cents, or 3.84 percent, to close at 5.3275 dollars per bushel. November soybeans settled down 7.25 cents, or 0.72 percent, to close at 9.995 dollars per bushel.

The midday weather forecast maintained a pattern of warmth and dryness through the next ten days. Analysts said that the improved weather enhanced expectations of better corn and soybeans harvests, which was bearish to their prices. And the drier weather also fastened the winter wheat harvest. Analysts also said that the stronger dollar also weighed down the U.S. agricultural commodities as they are more expensive. However, an official report helped corn futures to recover from their losses. The United States Department of Agriculture said in its weekly export report that the country exported 1.16 million metric tonnes of corn in the week ending July 16, up from 1.06 million metric tonnes the week before.

The U.S. also exported 0.49 million metric tonnes of wheat, up from last week but lower than the same week of last year; and exported 0.31 million metric tonnes of soybeans, both up from last week and the same week of last year, according to the report. Endite