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Chicago agricultural commodities fall

Xinhua, November 30, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed lower on Tuesday, with soybean futures falling more than 1 percent on Tuesday, setting back from a four-month high on a round of profit taking.

Corn and wheat futures also fell, on track for their fourth straight losing session due to pressure from ample global supplies.

The most active corn contract for March delivery dropped 9.25 cents, or 2.58 percent,to 3.49 dollars per bushel. March wheat delivery fell 7.75 cents, or 1.86 percent, to 4.0875 dollars per bushel. January soybeans fell 13.5 cents, or 1.28 percent, to 10.425 dollars per bushel.

Some analysts saw soybeans due for a correction after a seven-day rally that boosted January-dated contract price by 7.1 percent, amid worries that demand from some reliable overseas buyers like China began to wane.

Strong overseas demand had driven much of the upswing, but Brazil and Argentina are expected to ramp up exports soon, ratcheting up competition to U.S. oilseeds.

Strength in the U.S. dollar was seen factoring into decline in March-dated Chicago wheat contracts, which settled lower for the fifth straight session. The contracts have lost around 6 percent over that period.

Traders were also watching for the outcome of a tender being held on Tuesday by Egypt, the world's biggest wheat importer. Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), received offers from nine suppliers, with the lowest coming from Russia for 60,000 tonnes.

No U.S. wheat was offered in the tender, adding to the weakness in the futures market. Endit