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Chicago agricultural commodities settle lower

Xinhua, March 30, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed lower on Thursday with soybean futures falling to a five-month low.

Corn and wheat weakened as traders adjusted positions ahead of U.S. Department of Agriculture (USDA) data that was expected to show abundant supplies of each crop.

The most active corn contract for May delivery fell 1 cents, or 0.28 percent, to 3.575 dollars per bushel. May wheat delivery dropped 4.5 cents, or 1.06 percent to 4.21 dollars per bushel. May soybeans fell 6 cents, or 0.62 percent, to 9.63 dollars per bushel.

In the outside markets, the Brent crude oil market is 0.84 dollar per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 73 points higher.

Matthew M. Pierce, director of commodity consulting, Futures International, says that the markets are weak heading into month-end due to pressure on exits of weak long into the stocks and acreage numbers.

"No immediate threat pushes weak positions to the door. Market pressure started overnight in Dalian and Malaysian Palm markets. Lone market retaining a positive tone is Minneapolis wheat, due to expectations that the 11.25-million-acre expectation is well overstated," Pierce says.

On Thursday, the USDA announced fresh soybean export sales. Private exporters reported to the USDA export sales of 165,000 tonnes of soybeans for delivery to China during the 2017/2018 marketing year.

Separately, the USDA's Weekly Export Sales Report released Thursday shows corn sales falling below expectations and soybeans hit the high end. Endit