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Chicago agricultural commodities settle lower

Xinhua, April 27, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed lower on Wednesday with corn futures falling more than 1 percent on forecasts for better Midwest planting weather.

Soybeans also declined and wheat turned lower as corn sagged.

The most active corn contract for July delivery fell 5 cents, or 1.34 percent, to settle at 3.6675 dollars per bushel. July wheat delivery fell 0.5 cent, or 0.12 percent to 4.265 dollars per bushel. July soybeans dropped 8.5 cents, or 0.88 percent, to 9.565 dollars per bushel.

In the outside markets, the Brent crude oil market is 0.17 dollar per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 36 points higher.

Jack Scoville, The PRICE Futures Group's senior market analyst, says that it is a weather market.

"For corn planting, there is too much rain. For wheat, there is too much cold and too much rain. We might see some limited switching in a couple of weeks if these weather patterns continue," Scoville added. Enditem