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Chicago agricultural commodities settle lower

Xinhua, December 1, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures close lower on Wednesday with soybean futures falling for a second consecutive session, as investors evened out positions and locked in profits from monthly gains.

The most active corn contract for March delivery fell 0.5 cents, or 0.14 percent, to 3.485 dollars per bushel. March wheat delivery dropped 6 cents, or 1.47 percent, to 4.0275 dollars per bushel. January soybeans fell 10.25 cents, or 0.98 percent, to 10.3225 dollars per bushel.

Soaring prices for crude oil, which shot more than 8 percent higher on Wednesday, helped agricultural markets stage a comeback in early deals after prices for the crops dropped sharply a day earlier. Positive sentiment in commodity markets following oil's surge tapered off, however, due to demand concerns and ample crop stockpiles.

Traders shrugged off fresh signs that export demand for soybeans remained robust.

The U.S. Department of Agriculture on Wednesday morning said that private exporters reported the sale of 123,000 tonnes of soybeans for delivery to China during the 2016-17 marketing year. It was the first spot sale since Nov. 18.

Corn prices were mixed, with stronger energy markets stemming losses in nearby futures contracts, while end-of-the- month selling pressured longer-dated ones. Prices for corn have fallen 6 percent this year owing to huge domestic and world grain inventories.

Wheat futures also fell, pressured by a firm dollar that further dimmed prospects for U.S. supplies on the export market. Endit