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Chicago agricultural commodities close lower on rain weather forecast

Xinhua, June 21, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all retreated and settled lower on Monday as weather forecast favored beneficial rain in the U.S. Midwest.

The most active corn contract for July delivery shed 16.50 cents, or 3.77 percent, to close at 4.2125 dollars per bushel. July wheat delivery lost 8.25 cents, or 1.71 percent, to settle at 4.73 dollars per bushel. July soybeans declined 16 cents, or 1.38 percent, to close at 11.435 dollars per bushel.

Corn declined most among the three main agricultural commodities as the overnight U.S. weather forecast favored rains in the crop field in U.S. Midwest after late Tuesday this week, and analysts noted the much-wanted rains will help the progress of corn there, boosting expectations of bigger corn supply this autumn.

Soybeans also lower on the rain weather forecast, analysts said, while the wheat followed corn and soybeans lower on Monday. Endit