Chicago agricultural commodities close lower
Xinhua, February 9, 2016 Adjust font size:
Chicago Board of Trade (CBOT) corn , wheat and soybeans all closed lower on Monday.
The most active corn contract for March delivery lost 3.5 cents, or 0.96 percent, to settle at 3.6225 U.S. dollars per bushel. March wheat delivery shed 8.25 cents, or 1.77 percent, to close at 4.585 dollars per bushel. March soybeans declined 5 cents, or 0.58 percent, to close at 8.625 dollars per bushel.
Analysts said that corn futures was weighed by favorable weekend rain across Argentina, and the forecast said that a nice mixture of rain and sunshine will come to Argentina and Brazil in the coming next two weeks, which will be favorable for the corn there.
Soybeans settled on Monday to its lowest level since Jan. 12, and analysts noted that soybeans was also weighed by rain in South American.
Analysts noted that wheat continued to shed on amply global supply, and the fall of European and Russian wheat prices also gave some pressure on U.S. wheat.
On Monday, the U.S. Department of Agriculture (USDA) said private exporters reported export sales of 100,000 tons of corn for delivery to Mexico during the 2015/2016 marketing year.
USDA is scheduled to release its monthly supply and demand estimate report on Tuesday and traders are waiting for the report. Endit