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Chicago agricultural commodities close lower

Xinhua, January 28, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle lower on Friday with no real good reason to go anywhere, according to one analyst.

At the close, the March corn futures closed 1.25 cents lower at 3.625 dollars, and new-crop December 2017 futures finished 1.5 cents lower at 3.8925 dollars per bushel.

March soybean futures settled 0.25 cents lower at 10.4925; November 2017 soybean futures closed 2 cents higher at 10.2525 dollars.

March wheat futures settled 6.5 cents lower at 4.205 dollars.

March soy meal futures closed 0.60 dollar a short ton higher at 343.00 dollars. March soy oil futures closed 0.20 cents lower at 34.27 cents per pound.

In the outside markets, the Brent crude oil market is 0.63 dollar per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 11 points lower at 20,089.

Pete Meyer, PIRA Energy senior grain analyst, says that the grain markets have no story to trade.

"Yes, everybody wants to know if the Brazilian soybean crop will make up the slack for Argentina' s flood-damaged output," Meyer says. "Until we see new highs in these markets, farmers are not going to be selling. So, we wait for the February markets and see how they react to South America' s crop production." Enditem