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Chicago agricultural commodities close lower

Xinhua, May 10, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all retreated and settled lower on Monday.

The most active corn contract for July delivery lost 8.50 cents, or 2.25 percent, to close at 3.69 dollars per bushel. July wheat delivery shed 7.25 cents, or 1.56 percent, to close at 4.565 dollars per bushel. July soybeans declined 8.25 cents, or 0.80 percent, to close at 10.265 dollars per bushel.

Analysts said that stronger dollar pressed the dollar-dominated U.S. corn, wheat and soybeans lower on Monday, as a stronger dollar make them more expensive to outside buyers.

Additionally, technical selling also extended pressure to corn, wheat and soybeans after their Friday gains on Monday. CBOT brokers estimated that funds have sold 7,000 contracts of corn, 4,500 contracts of wheat and 8,000 contracts of soybeans, according to the report of Agresource, the Chicago-based agriculture consultancy.

The U.S. Department of Agriculture said on Monday that Private exporters reported export sales of 170,000 tons of corn for delivery to Japan and export sales of 120,000 metric tons of corn for delivery to unknown destinations, both during the 2015/2016 marketing year. Endit