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Chicago agriculture commodities close lower ahead of USDA monthly report

Xinhua, January 12, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all settled lower on Monday as traders were awaiting the monthly report of the U.S. Department of Agriculture (USDA) on crop acreage, yield and production in major countries worldwide.

The most active corn contract for March delivery lost 5.25 cents, or 1.47 percent, to settle at 3.5175 U.S. dollars per bushel. March wheat delivery shed 9.5 cents, or 1.99 percent, to close at 4.69 dollars per bushel. March soybeans fell 4 cents, or 0.46 percent, to close at 8.6125 dollars per bushel.

Analysts said corn, wheat and soybeans dropped on beneficial rain in Brazil and market expectations for big numbers on the USDA monthly report, scheduled to be released on Tuesday.

Additionally, weather forecasts showed snow for the Great Lakes region in the United States from Monday to Wednesday, which analysts noted will benefit winter wheat there. Winter wheat areas in Ukraine and Russia will also get snow.

CBOT floor brokers reported that funds have sold 6,500 contracts of corn, 5,000 contracts of wheat and 3,000 contracts of soybeans before midday, according to AgResource company, the Chicago-based agricultural research institute. Enditem