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Chicago agricultural commodities close lower ahead of USDA report

Xinhua, July 12, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans settled lower on Monday before the U.S. Department of Agriculture's monthly World Agricultural Supply and Demand Estimates Report and crop progress report.

The most active corn contract for December delivery was lower of 7 cents, or 1.93 percent, to 3.555 dollars per bushel. September wheat delivery fell 4.50 cents, or 1.03 percent, to 4.305 dollars per bushel. November soybeans lost 2.75 cents, or 0.26 percent, to 10.55 dollars per bushel.

Analysts noted that technical selling in corn and soybeans after their sharply gains on Friday weighed on corn and soybeans lower.

The weather forecast favored rain in the U.S. Midwest later this week also prompted funds' technical selling in corn and soybeans on Monday.

corn futures settled lower as rain and moderate weather this week should have most of the crop moving unharmed through pollination, the Farm Futures Daily reported in its daily commentary.

Wheat followed corn and soybeans lower on Monday, meanwhile, the ample wheat stocks and ongoing U.S. winter wheat harvest also gave additional pressure on wheat.

In its weekly export inspection report, the U.S. Department of Agriculture (USDA) announced Monday corn export inspections at 1,357,903 tons in the week of July 7, lower from previous week.

USDA rated wheat export inspections at 375,279 tons, also lower than previous week.

However, USDA pegged soybean export inspections at 374,016 tons, which is sharply higher than previous week's 192,870.

USDA is scheduled to release its monthly World Agricultural Supply and Demand Estimates Report on Tuesday and its weekly crop progress report after the market closed on Monday, traders are waiting for the reports for more clues for their investment. Endit