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Chicago agricultural commodities futures market ends lower on harvest expectation

Xinhua, September 23, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn and soybeans settled lower Tuesday as harvest is underway in key production areas, while wheat retreated from profit-taking after Monday's sharp rally.

The most active corn contract for December delivery fell 4 cents, or 1.04 percent, to settle at 3.805 U.S. dollars per bushel. December wheat delivery lost 1.25 cents, or 0.25 percent, to close at 4.955 dollars per bushel. November soybeans was lower 12.5 cents, or 1.43 percent, to close at 8.6175 dollars per bushel.

The U.S. corn harvested was 10 percent till the week of Sept. 20, up 5 percent from the previous week, with 68 percent of corn rated as good to excellent, which was unchanged from the previous week, according to a report released by the United States Department of Agriculture after the market closed Monday.

The same report said that soybeans harvested was 7 percent, with 63 percent of the soybeans rated as good to excellent, which was 2 percent up from the previous week.

Some analysts said that wheat was pressured a little lower by profit taking Tuesday after its sharp rally of more than 2 percent Monday. Endit