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Chicago wheat, corn, soybeans lower amid ongoing competition

Xinhua, March 2, 2016 Adjust font size:

Chicago Board of Trade (CBOT) wheat, corn and soybean futures closed lower Tuesday amid rising global crop supplies, as well as ongoing competition for export demand.

Chicago wheat led losses as the most active wheat contract for May delivery lost 7.25 cents, or 1.6 percent, to close at 4.46 dollars per bushel. Soybean for May delivery dropped 3 cents, or 0.35 percent, to close at 8.58 U.S. dollars per bushel. May corn fell 1.25 cents, or 0.35 percent, to close at 3.5575 dollars per bushel.

Chicago wheat dropped sharply on Tuesday following the declines in European wheat prices, as a report released by the U.S. Department of Agriculture (USDA) Monday afternoon showed that U.S. winter wheat crop conditions were generally much better than late February of 2015. Analysts believe that if these ratings are sustained through spring, Hard Red Wheat yields will be much improved from the recent drought-stricken year.

Corn futures failed to snap their five-session losing streak for the day amid expectations that U.S. ethanol inventories, sitting near a record high, which is due out Wednesday, would be unchanged, even as prices for crude oil kept rising Tuesday, likely working to stimulate future corn consumption.

Soybeans also fell for a sixth straight session for the day, pressured by no major weather threats existing in South America, a major soybean exporter, where soybean production estimates continue to be rising. The USDA's Tuesday announcement of a new sale of U.S. soybeans to an unknown destination also affected soybeans. Enditem