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Chicago agricultural commodities close lower on bountiful supplies

Xinhua, August 31, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed lower Tuesday, on expectations for big crops and rising grain supplies.

The most active corn contract for December delivery was down 5 cents, or 1.56 percent, to 3.1575 dollars per bushel. December wheat delivery fell 4.75 cents, or 1.2 percent, to 3.9225 dollars per bushel. November soybeans fell 13.5 cents, or 1.4 percent, to 9.5075 dollars per bushel.

Soybeans led the way down as improving U.S. crop ratings fueled expectations for a bumper harvest. The U.S. Department of Agriculture late on Monday rated 73 percent of the U.S. soybean

crop as good to excellent, up from 72 percent the previous week and the highest for this time of year in USDA records dating to 1986.

U.S. corn ratings are strong as well, with the USDA rating 75 percent of the crop as good to excellent, unchanged from the previous week and the highest for this time of year since 1994.

Corn prices declined to a fresh seven-year low as some U.S. farmers marketed a portion of last year's crops ahead of what is expected to be a record fall harvest. Growers are off-loading some corn to make room in grain bins for the upcoming harvest, which is expected to total a whopping 15.2 billion bushels.

Despite the selling, U.S. corn inventories still are expected to swell to a 29-year high in the coming season.

Wheat prices fell to a fresh 10-year low after government data on Monday showed the U.S. spring wheat harvest advancing at a quicker clip than normal, with the new supplies expected to pile onto a glut of the grain both at home and abroad. Endit