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Chicago wheat, corn, soybean lower on stronger U.S. dollar

Xinhua, August 27, 2015 Adjust font size:

Chicago Board of Trade(CBOT) corn,wheat and soybean futures settled all lower on Wednesday as the U.S. dollar rallied for a second straight session, undercutting dollar-denominated Agricultural commodities, and funds had been the active sellers amid he ongoing weakness in world cash markets.

The most active corn contract for December delivery shed 3.75 cents, or 0.99 percent, to close at 3.7325 U.S. dollars per bushel. December wheat delivery lost 5.25 cents, or 1.05 percent, to close at 4.9425 dollars per bushel. November soybeans dropped 12.75 cents, or 1.45 percent, to close at 8.65 dollars per bushel.

A higher U.S. dollar weighed on prices for the U.S agricultural commodities Wednesday. The dollar once rose over 1 percent against a basket of currencies on Wednesday, which typically makes U.S. exports less attractive to foreign buyers.

"Although there has been a recovery in the world financial markets, the CBOT grain room is finding selling pressure as cash world wheat, corn and soybean markets all sink," said AgResource company, a Chicago-based agricultural research institute. " Tunisia bought wheat cheaply Wednesday and it has many world cash traders talking about how poor world grain demand actually is -- including China which is still not showing up in any size for U.S. soybeans."

The weekly ethanol production report released by the U.S. Energy Information Administration on Wednesday showed a drop in production, which was seen as slightly bearish to corn future.

U.S. ethanol production through the week ending Aug. 21 was down 1.3 percent from the prior week, to 952,000 barrels per day, which used an estimated 98 million bushels of corn, lower than the pace needed to meet the U.S. Department of Agriculture's forecast in 2014/15 marketing year. Enditem