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Chicago agricultural commodities close lower after the U.S. Memorial Day weekend

Xinhua, June 1, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all settled lower on Tuesday after the long weekend of the U.S. Memorial Day holiday.

The most active corn contract for July delivery shed 8 cents, or 1.94 percent, to close at 4.0475 dollars per bushel. July wheat delivery declined 17 cents, or 3.53 percent, to settle at 4.645 dollars per bushel. July soybeans was lower of 8 cents, or 0.74 percent, to close at 10.785 dollars per bushel.

For the month of May, corn, soybeans added 3.32 percent, 4.73 percent perspectively, while wheat shed 4.91 percent.

Analysts said that weather forecasts for drier weather in the U.S. Central Plains weigh on wheat Tuesday, as drier weather may speed the winter wheat harvest in June.

While corn and soybeans were pressed by technical selling at the end of the month. Corn had advanced for third trading days before Tuesday, while soybeans also gained more than 1 percent last week.

The U.S. Department of Agriculture (USDA) said Tuesday private exporters reported changes in destination of 120,000 tons of corn from unknown destinations to Taiwan for delivery during the 2015/2016 marketing year.

USDA also announced export sales of 213,000 tons of soybeans for delivery to unknown destinations. Endit