Off the wire
• Roundup: U.S. stocks surge after Fed rate hike  • Roundup: Senior UN official calls for "unprecedented vision" to stop bloodshed between Israelis, Palestinians  • 1st LD Writethru: Gold up ahead of U.S. Fed's rate hike announcement  • UN refugee chief stresses need to address root causes of global displacement  • Albania, Georgia sign MOU on defense  • Good night for top-flight clubs in Spanish King's Cup  • French League Cup results  • News Analysis: Why Italian firms go foreign?  • 1st LD Writethru: U.S. stocks surge after Fed rate hike  • Young man assaults Spanish PM during election walkabout  
You are here: 　 Home

Chicago corn, wheat, soybeans lower on expectation of demand reduction

Xinhua, December 17, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all settled lower Wednesday on expectation of demand reduction for U.S. crops as Argentina will announce the relaxation of controls on the peso, the country's currency.

The most active corn contract for March delivery shed 7.5 cents, or 1.99 percent, to settle at 3.6975 U.S. dollars per bushel. March wheat delivery lost 10.75 cents, or 2.18 percent, to close at 4.835 dollars per bushel. January soybeans fell 4.75 cents, or 0.55 percent, to close at 8.625 dollars per bushel.

Argentine government will announce elimination of currency controls later Wednesday, and analysts said that this will devaluate the peso and support exports of Argentina's agricultural product reserves, especially corn and soybeans.

An official weekly report showed ethanol inventories rose last week, giving additional pressure on corn. The U.S. Energy Information Administration said Wednesday that U.S. ethanol stocks rose from previous week's 19.83 million barrels to 20.32 million till the week ended on Dec. 11, boosting expectations that less corn will be consumed for ethanol. Endit