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Chicago agricultural commodities futures market closes lower

Xinhua, September 4, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat extended losses Thursday, and soybeans also closed lower slightly.

The most active corn contract for December delivery fell 6 cents, or 1.63 percent, to close at 3.615 U.S. dollars per bushel. December wheat delivery lost 13.75 cents, or 2.87 percent, to close at 4.6525 dollars per bushel. November soybeans declined 4.5 cents, or 0.51 percent, to close at 8.695 dollars per bushel.

Wheat settled sharply lower Thursday because it remained uncompetitive when compared to other supplies, according to analysts. The Egyptian government buyer Gasc was holding an import tender Thursday but there was no U.S. wheat offered for sale in the deal, U.S. agriculture media reported, saying the price was much lower than U.S. wheat.

An offcial report from United States Department of Agriculture (USDA) also put additional pressure on wheat. USDA said Thursday morning in its weekly Export Sales Report that net sales of 277,500 metric tons of wheat for delivery in marketing year 2015/2016, down 48 percent from the previous week and 47 percent from the prior four-week average.

Corn and soybeans settled lower with pressure from the upcoming harvest, and the warm weather forecast around the U.S. Midwest have bolstered the harvest expectations, according to analysts. Endit