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Chicago agricultural commodities settle lower

Xinhua, April 6, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed lower on Thursday with wheat posting the biggest percentage decline since Mid-March.

The most active corn contract for May delivery fell 4 cents, or 1.1 percent, to 3.6075 dollars per bushel. May wheat delivery slipped 6.5 cents, or 1.51 percent to 4.2325 dollars per bushel. May soybeans was down 2.75 cents, or 0.29 percent, to 9.415 dollars per bushel.

The U.S. Department of Agriculture on Thursday released a weekly export report, indicating corn, wheat and soybean sales at the high end of expectations. However, the news gave little support to the CBOT market and traders continued to sell off.

As the dollar index rose on Thursday by 0.2 percent to stand at 100.71 as of 18:15 GMT, it theoretically made U.S. grains less attractive on the market full of excess inventory.

The CBOT market tone was decidedly bearish on a fundamental basis and funds were piling into additional market short positions, the AgResource Company commented on its web page. Endit