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Chicago agricultural commodities close lower

Xinhua, July 7, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all settled lower on Wednesday as beneficial rains came back to U.S. Midwest and Southern Plains.

The most active corn contract for December delivery fell 9.75 cents, or 2.72 percent, to 3.4825 dollars per bushel. September wheat delivery lost 5 cents, or 1.15 percent, to 4.285 dollars per bushel. November soybeans shed 4 cents, or 0.37 percent, to 10.7325 dollars per bushel.

Rain ran across key crop growing fields in U.S. Midwest and Southern Plains overnight. Analysts noted that expectations of rain will benefit corn silking and soybean blooming have prompted funds technical selling in corn and soybeans on Wednesday.

According to the Chicago-based agriculture consultancy AgResource, CBOT floor brokers estimated that funds have sold 13,000 contracts of corn, and 15,000 contracts of soybean before Midday Wednesday.

The U.S. Department of Agriculture released its weekly crop progress report late Tuesday, rating corn silking till week of July 3 at 15 percent, sharply higher than the previous week, also higher than previous five-year average's 13 percent.

USDA rated 75 percent of corn was in good to excellent condition, unchanged from previous week, but higher than previous year's 69 percent.

As for the wheat, USDA said 62 percent of U.S. winter wheat was in good to excellent condition, comparing with 62 percent a week ago and 40 percent a year ago. Meanwhile, 72 percent of spring wheat was in good to excellent condition, again 72 percent a week ago and 70 percent a year ago.

USDA said that soybean blooming was 22 percent, higher than previous week's 9 percent, also higher than previous five-year average's 16 percent. For soybean condition, USDA said that 70 percent was in good to excellent condition, lower than previous week's 72 percent, but sharply higher than previous year's 63 percent.

Some analysts also noted that the USDA's report extended addition pressure on corn, wheat and soybeans as it showed stronger ratings for them. Endit