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Chicago agricultural commodities futures market closed lower across board

Xinhua, July 25, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans futures all settled lower on technical selling and favorable weather, according to analysts.

The most active corn contract for December delivery was down 11 cents, or 2.66 percent, to close at 4.0275 U.S. dollars per bushel. September wheat delivery lost 9.75 cents, or 1.87 percent, to close at 5.1175 dollars per bushel. November soybeans fell 15.5 cents, or 1.58 percent, to close at 9.65 dollars per bushel.

For the week, corn lost 6.6 percent, its biggest weekly decline in a year sine July 2014; wheat decreased 7.63 percent while soybeans fell 4.15 percent.

All three major agricultural commodities were pressured down by technical selling, according to analysts. The floor brokers estimated that funds were active in the morning, selling a net 9, 500 contracts of corn, 3,000 contracts of wheat, 7,500 contracts of beans, said Agresource, a Chicago-based Institute in its daily report.

The stronger dollar also gave additional pressures to agricultural commodities, which accelerated fund liquidation along with favorable U.S. weather forecast. Endite