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Chicago wheat, corn,soybean lower as U.S. dollar soars

Xinhua, November 28, 2015 Adjust font size:

Chicago Board of Trade(CBOT) corn, wheat and soybean futures settled all lower on Friday as the U.S. dollar was soaring and U.S. wheat export sales arrived in at the low end of market expectations.

CBOT grains led the losses as the most active wheat contract for March dropped 8.5 cents, or 1.74 percent, to close at 4.79 dollars per bushel; March corn lost 5.5 cents, or 1.48 percent, to close at 3.6725 U.S. dollars per bushel.

Meanwhile, January soybeans delivery shed 2.25 cents, or 0.26 percent, to close at 8.73 dollars per bushel.

Chicago wheat was put more pressure by a report from the U.S. Department of Agriculture (USDA) showing export sales of the grain last week was at the low end of trade estimates.

The USDA said Friday in its weekly export report that for the week ending Nov. 19, the United States witnessed exports of wheat were down 26 percent from the previous week and 5 percent from the prior 4-week average.

Corn exports were up 37 percent from the previous week and 34 percent from the prior 4-week average, while soybean export sales fell by 16 percent from the previous week and 20 percent from the prior 4-week average, according to the same report.

As there is no fresh news, agricultural markets are trading below unchanged on a stronger U.S. dollar, said analysts.

The prospects of rising U.S. interest rates as early as next month pushed the greenback to multi-year highs on Friday, weighing on dollar-denominated commodities including wheat, corn and soybeans. A strong dollar has hurt U.S. agricultural commodity prices overall by making U.S. supplies less affordable for non-dollar international users.

For the week, the most active corn contract for March delivery lost 0.67 percent, March wheat shed 2.24 percent, while January soybeans added by 1.81 percent. Enditem