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Chicago agricultural commodities settle lower

Xinhua, March 28, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed lower on Monday with wheat, corn and soybean futures falling to their lowest this year, pressured by abundant global grain and oilseed supplies.

The most active corn contract for May delivery went down 0.5 cents, or 0.14 percent, to 3.5575 dollars per bushel. May wheat delivery fell 4 cents, or 0.94 percent to 4.2075 dollars per bushel. May soybeans dropped 4.25 cents, or 0.44 percent, to 9.715 dollars per bushel.

Wheat futures led the way down hard red winter wheat futures, which reflect the variety grown in the top producing state of Kansas, eased 1.8 percent. Soybean futures fell to the lowest since October and corn fell for a sixth straight session.

In the outside markets, the Brent crude oil market is 0.27 dollar per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 55 points lower.

Jack Scoville, The PRICE Futures Group' s senior market analyst, says that most investors are looking ahead to Friday.

"The ideas are that the USDA March Supply/Demand and Prospective Plantings Reports will have big ending stocks levels, with some discussion on area. Most investors are just watching the market and their positions with little in the way of new interest around," Scoville said. Endit