Corn, wheat, soybeans close lower on rising U.S. dollar

Chicago Board of Trade (CBOT) corn, wheat and soybeans all closed lower Thursday as U.S. dollar showed strength.

The most active corn contract for December delivery lost 2.5 cents, or 0.66 percent, to 3.7825 U.S. dollars per bushel. December wheat delivery shed 4 cents, or 0.81 percent, to 4.9075 dollars per bushel. November soybeans fell 6.5 cents, or 0.72 percent, to 8.9875 dollars per bushel.

Analysts said that corn, wheat and soybeans were all pressurized by a rising U.S. dollar Thursday as a strong greenback makes U.S. exports more expensive to buyers holding other currencies.

Corn and wheat were also dampened by weak exports demand. The U.S. Departments of Agriculture (USDA) said Thursday in its weekly export report that till the week of Oct. 15, net sales of corn was 248,000 metric tons for delivery in marketing year 2015/2016, down 59 percent from the previous week and 57 percent from the prior 4-week average.

The report said net sales of wheat were 357,500 metric tons, down 22 percent from the previous week.

However, net sales of soybeans were 2,030,800 metric tons, up 43 percent from the previous week and 26 percent from the prior 4-week average.

Meanwhile, private exporters reported export sales of 463,000 metric tons of soybeans for delivery to unknown destinations, the USDA said.

However, analysts said, the rising dollar pulled the soybean prices down at the end of the day. Endit