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Chicago agricultural commodities settle lower

Xinhua, February 17, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures close lower on Thursday, retreating from early strength on profit-taking after each market set multi-month highs.

The most active corn contract for March delivery fell 5.25 cents, or 1.39 percent, to 3.735 dollars per bushel. March wheat delivery fell 7 cents, or 1.54 percent, to 4.4775 dollars per bushel. March soybeans dropped 17.5 cents, or 1.65 percent, to 10.4375 dollars per bushel.

In the outside markets, the Brent crude oil market is 0.19 dollar per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 29 points lower.

Jason Roose, U.S. Commodities grain analyst, says that corn and beans are lower, after trading mixed earlier.

"Today's weekly export sales report showed better than expected exports in all commodities. It's no surprise the markets are lower with the volatility in the US dollar the past few weeks, stepped up producer selling and improved weather in South America with soybean demand starting to shift to Brazil," Roose says.

Funds have been pouring into the corn market, encouraged by recent demand from exporters and ethanol producers, along with expectations of a drop in U.S. seedings this spring.

Exchange data showed open interest in CBOT corn futures rose by more than 53,000 contracts on Wednesday as prices rose, an indication of fresh long, or bought, positions.

Concern that the market may be top-heavy appeared to trigger a sell-off, with the U.S. Commodity Futures Trading Commission set to release its weekly Commitments of Traders report on Friday.

Wheat got an early boost when the U.S. Agriculture Department reported export sales of U.S. old-crop wheat in the latest week at 569,100 tonnes, above trade expectations for 300,000 to 500,000 tonnes.

A weakening dollar, which makes U.S. exports more competitive on the export market, lent early support. Wheat is typically the agriculture commodity most sensitive to currency swings. But wheat turned down and closed below the previous day's low. Enditem