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Chicago agricultural commodities close lower

Xinhua, June 30, 2016 Adjust font size:

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

The most active corn contract for December delivery fell 11.25 cents, or 2.85 percent, to settle at 3.83 dollars per bushel. September wheat delivery declined 12.75 cents, or 2.79 percent, to settle at 4.445 dollars per bushel. November soybeans lost 7.75 cents, or 0.69 percent, to close at 11.125 dollars per bushel.

New weather forecast showed rains will come into some corn fields in Kansas and Missouri during the next seven days, and analysts noted that rain forecast weighed on corn and soybeans as it has eased the concerns about hotter and drier weather may dent the progress of corn and soybeans.

The U.S. Energy Information Administration (EIA) said Wednesday that till the week of June 24, U.S. production of corn-based ethanol production increased to was 1,003,000 barrels per day, higher than previous week's 962,000. However, the stocks of ethanol were bigger than previous week, which was rated by EIA at 21,167,000 barrels.

The U.S. Department of Agriculture (USDA) is scheduled to release its annual acreage report and grain stock report on Thursday, analysts noted corn, wheat and soybean closed lower as the investors are awaiting the report for more clues.

Some analysts said that soybean fell on expectations that USDA will estimate farmers have increased their soybean sowings.

Technical selling before the USDA's Thursday key report also boosted corn, wheat and soybeans higher. According to the Chicago-based agriculture consultancy AgResource, CBOT brokers estimated that funds have sold 12,000 contracts of corn, 4200 contracts of wheat and 3,600 contracts of soybean before Midday Wednesday.

In addition, some analysts also attributed the declines of wheat to ongoing winter wheat harvest in the U.S. Midwest and Southern Plains. Endit