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Chicago agricultural commodities lower on strong U.S. dollar, downbeat crop exports

Xinhua, December 8, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, soybean and wheat futures closed all lower on Monday, as the U.S. dollar soared, and a weekly export report showed a slowdown in U.S. crop shipments.

Soybeans and corn led the decline in CBOT agricultural commodities. January soybeans delivery slumped 23.75 cents, or 2.62 percent, to close at 8.8225 dollars per bushel, and the most active corn contract for March delivery lost 8.5 cents, or 2.23 percent, to close at 3.73 U.S. dollars per bushel.

Meanwhile, March wheat slipped 1.75 cents, or 0.36 percent, to close at 4.8275 dollars per bushel.

Chicago soybeans came under pressure following media reported that Argentina's president-elect Mauricio Macri expressed his will to to allow Peso to float freely.

Some analysts said Argentina's exports looks set to become more aggressive with a Peso devaluation likely heading into the end of 2015. U.S. soybeans, corn and wheat export sales and shipments will remain abysmal.

The U.S. weekly export inspections released by the U.S. Department of Agriculture(USDA) on Monday showed that corn shipments through the week ending Dec. 3 were up about 47 percent from the previous week, wheat exports lost more than 38 percent losses, and soybean inspections fell by more than 13 percent from the prior week.

The export pace of U.S. soybeans was in line with expectations while corn and wheat shipments disappointed investors, according to analysts.

For their respective crop years to date, the United States has shipped 7,248,977 metric tons of corn, down about 24.7 percent from a year ago.

As for wheat, the United States has shipped 10,529,728 tons, down more than 15 percent from the previous year. For soybeans, shipments were down over 8 percent from last year, according to the USDA.

The prospects of rising U.S. interest rates at year-end pushed the greenback higher on Monday, also 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. Enditem