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Chicago agricultural commodities close lower on Brexit

Xinhua, June 25, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn fell for a fifth successive trading day on Friday, while wheat and soybeans also extended losses after Britain's surprising vote to leave the European Union in a referendum held on Thursday.

The most active corn contract for July delivery fell 2.75 cents, or 0.71 percent, to 3.845 dollars per bushel. September wheat delivery was lower of 0.75 cents, or 0.16 percent, to 4.65 dollars per bushel. November soybeans shed 23 cents, or 2.09 percent, to 10.785 dollars per bushel.

For the week, corn declined 12.16 percent, while wheat and soybean lost 3.38 percent and 6.99 percent respectively, according to data based on the most active contracts.

The U.S. dollar increased against most major currencies on Friday after Britain voted to leave the EU, weighing on the dollar-denominated U.S. agricultural commodities on Friday.

Additionally, the beneficial rain in the U.S. Midwest also extended pressure on corn and soybeans, according to analysts.

Some analysts also noted Britain's vote to exit EU has prompted technical selling before the weekend, adding extra pressure to corn, wheat and soybeans on Friday.

CBOT brokers estimated that funds have sold 17,000 contracts of corn, 3,600 contracts of wheat and 11,000 contracts of soybeans, AgResource, the Chicago-based agriculture consultancy, said in its midday commentary on Friday.

The U.S. Department of Agriculture said Friday morning that private exporters reported export sales of 411,500 tons of soybeans for delivery to unknown destinations. Endit