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Chicago soybeans, corn, wheat step back from recent uptick

Xinhua, March 16, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybean futures mainly closed lower on Tuesday as investors took their profits after U.S. grain and soybean prices hit multi-week highs in recent sessions.

Chicago soybeans led declines as the most active soybean contract for May delivery dropped 3.75 cents, or 0.42 percent, to close at 8.92 U.S. dollars per bushel. Wheat for May delivery shed 1.5 cents, or 0.31 percent, to close at 4.7725 dollars per bushel. May corn delivery lost 0.25 cents, or 0.07 percent, to close at 3.685 U.S. dollars per bushel.

Soybean prices decreased moderately for the day after rallying for an eighth straight session with a 4.4-percent rise since March 1. Analysts said increasing U.S. soybean inventories and harvest progress in South America, a U.S. rival soybean exporter, weighed on prices for Chicago soybeans.

Wheat also eased slightly on Tuesday amid ample world supplies, even as there's still no sign of meaningful rainfall across dry areas of western U.S. plains, where U.S. winter wheat is growing. The weather service reported abnormal warmth will continue to be across the U.S. Hard Red Wheat belt.

Meanwhile, Chicago grains and soybeans came under pressure from a stronger greenback Tuesday. The U.S. Dollar Index, a measure of the dollar against six major currencies, rose for a third session in a row ahead of a policy meeting by the U.S. Federal Reserve, cutting the appeal of dollar-denominated commodities. Enditem