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Chicago agricultural commodities close lower

Xinhua, June 24, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn fell for a fourth trading day on Thursday, while wheat and soybeans also retreated as storm rolled through the U.S. Midwest.

The most active corn contract for July delivery lost 5.75 cents, or 1.46 percent, to 3.8725 dollars per bushel. September wheat delivery fell 6.50 cents, or 1.38 percent, to 4.6575 dollars per bushel. November soybeans declined 15.25 cents, or 1.37 percent, to 11.015 dollars per bushel.

Corn settled at its lowest level since May 12. Analysts noted that weather remained a major factor as heavy rain fell in U.S. Midwest over the past two days has eased the concerns about dryness, which may dent corn progress in some fields.

Rains also prompted technical selling on agriculture market, extending pressure on corn, wheat and soybeans. CBOT brokers reported that funds have sold 9,000 contracts of corn, 3,000 contracts of wheat and 1,000 contracts of soybeans, AgResource, the chicago-based agriculture consultancy, said in its daily commentary.

The ongoing winter wheat harvest in the U.S. Midwest also weighed on wheat Thursday, according to analysts.

The U.S. Department of Agriculture (USDA) released its weekly export sales report on Thursday, saying that corn net sales till week of June 16 was 870,700 tons for marketing year 2015/2016, down 4 percent from the previous week and 32 percent from the prior 4-week average.

USDA rated wheat net sales in marketing year 2016/2017 at 46.27 tons. The primary destinations were the Philippines, according to USDA.

As for the soybeans, USDA said that net sales of 660,700 tons for 2015/2016 were down 19 percent from the previous week, but up 13 percent from the prior 4-week average.

USDA also said in its daily export sales report on Thursday that private exporters reported export sales of 138,000 tons of corn for delivery to South Korea. Endit