Chicago agricultural commodities close lower on big harvest expectation

Chicago Board of Trade (CBOT) corn, wheat and soybeans futures all retreated and settled lower Thursday, pressured by ample existing supplies and largely favorable growing conditions that will likely lead to huge harvests this fall, analysts said.

The most active corn contract for December delivery shed 4.25 cents, or 1.24 percent, to 3.3875 dollars per bushel. September wheat delivery was lower of 4.5 cents, or 1.08 percent, to 4.1025 dollars per bushel. November soybeans declined 8 cents, or 0.81 percent, to 9.78 dollars per bushel.

Corn futures led the declines, with technical selling weighing further after prices failed to rise above their 10-day moving average.

U.S. Department of Agriculture weekly U.S. export sales for the current marketing season of a negative 1,400 tonnes of soybeans were below expectations for sales of 250,000 to 450,000 tonnes. Export sales of 438,800 tonnes of corn were within the range of estimates.

Plentiful rain this summer has been developing corn and soy crops in good shape, boosting yield potential. The Commodity Weather Group in a note to clients said showers expected during the next 15 days should aid much of the U.S. crops. Endit