Chicago agricultural commodities end lower as new crop supply nears

Chicago Board of Trade (CBOT) corn, wheat and soybeans closed all lower Thursday as investors were discouraged by the U.S. crop planting report saying that new crop harvest in the Midwest is just around the corner.

The most active corn contract for December delivery lost 6.25 cents, or 1.62 percent, to close at 3.7975 U.S. dollars per bushel. December wheat delivery dropped 6.75 cents, or 1.38 percent, to close at 4.815 dollars per bushel. November soybeans shed 2.75 cents, or 0.31 percent, to close at 8.845 dollars per bushel.

Three major CBOT agricultural commodities fell for two sessions in a row Thursday after the U.S. Department of Agriculture (USDA) reported a day earlier more planted crop acreage in September than its forecast last month.

"The Midwest harvest will be ramping up in coming weeks and the new crop supply will continue to pressure cash basis bids," said AgResource company, a Chicago-based agricultural research institute.

The USDA said Thursday in its weekly export report that for the week ending Sept. 10, the United States witnessed exports of 542,600 metric tons of wheat,up 8 percent from the previous week and 9 percent from the prior 4-week average.

Corn export sales were 806,600 metric tons, and soybeans export sales were 371,400 metric tons, both significantly up from the previous week and from the prior 4-week average. For their respective crop years to date, U.S. corn, soybean and wheat are well under last year, according to Analysts. Endit