Chicago agricultural commodities futures market closes lower across board

Chicago Board of Trade (CBOT) corn, wheat and soybeans futures settled lower on Monday as favorable weather was helpful for corn and soybeans in the next days in the U.S. Midwest.

The corn contract for December delivery was down 4.75 cents, or 1.25 percent, to close at 3.765 U.S. dollars per bushel. September wheat delivery lost 0.25 cents, or 0.05 percent, to close at 4.99 dollars per bushel. November soybeans fell 4.75 cents, or 0.51 percent, to close at 9.355 dollars per bushel.

The weather forecast continued to indicate cooler temperatures and normal to above normal rainfall in the Midwest in the next ten days. Analysts said cool weather and upcoming rain will be ideal for the podding U.S. soybean crop while corn fills, boosting market expectations of ample supply.

Wheat was pressed down by plentiful global supplies and cheaper offers from competitors in Europe and the Black Sea region, some analysts said, adding that the stronger dollar on Monday also gave additional pressure to U.S. wheat as it turned more expensive to buyers in other currencies. Enditem