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Chicago agricultural commodities futures market closes lower

Xinhua, October 9, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat extended losses Thursday, while soybeans retreated on harvest pressure and poor export data.

The most active corn contract for December delivery lost 4.50 cents, or 1.14 percent, to settle at 3.9125 U.S. dollars per bushel. December wheat delivery fell 5.25 cents, or 1.02 percent, to close at 5.115 dollars per bushel. November soybeans declined 9.75 cents, or 1.09 percent, to close at 8.8125 dollars per bushel.

Analysts said favorable weather accelerated autumn harvest in the key U.S. production areas, pressing corn and soybeans lower.

Besides, bad news about the weak demand for corn and soybeans blew a bearish wind. The U.S. Department of Agriculture (USDA) said Thursday morning in its Weekly Export Sales Report that till week of Oct. 1, the net corn sales were 519,700 metric tons for 2015/2016, down 31 percent from the previous week; while net soybeans sales were 1,284,600 metric tons, down 49 percent from the previous week.

The USDA report said wheat net sales was 288,200 metric tons, up from previous week. However, analysts said that wheat extended a setback on profit taking, and wheat also followed corn and soybeans lower Thursday. Endit